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A marine cargo open policy is the agreement between a merchant and an insurance company to insure all goods in transit falling within that agreement for an agreed period or even indefinitely until the agreement is cancelled by either party.
The policy specifies:
The following additional covers can be considered to give the exporter some additional cover under an Marine Open Policy:
Risk ‘in the goods’ – when the goods reach the delivery point in the Incoterm, risk transfers from the seller to the buyer. This is when the goods are on board the vessel at the port of export.
Before this point,if the goods are lost or damaged, the seller can claim on the insurance. After this time the buyer must pay for the goods, even when the goods have not reached them yet, and recover their loss from marine insurance.
Note : Policy details given are indicative, not exhaustive. Please contact your nearest Arunaya office for further details.