Marine Cargo Insurance – Open Policy
Marine cargo insurance is a type of policy that is open-ended, which means that it provides protection for all of an exporter’s shipments that are in transit or afloat within a specified geographical trade area. This type of policy is usually active until it is canceled by the insured or the insurance company.
The goods that are shipped under this policy are also detailed at the time of shipping. This is usually done through a marine insurance certificate. Marine cargo insurance can be bought by anyone who is involved in the transport of goods by sea, including freight forwarders, carriers, and even the shippers themselves.
This type of policy is beneficial because it offers protection against a number of different risks, including damage or loss of the goods due to accidents, weather, theft, or even war. Marine cargo insurance can be quite expensive, but it is often worth the cost to ensure that the goods arrive at their destination safely.
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