Marine Open Cover

Marine Open Cover
Marine Open Cover

Marine Open Cover Policy

This policy covers loss or damage to cargo whilst in transit by land, in the sea or via air.

The policy can be arranged for a single shipment or as a marine open cover which provides blanket coverage for all shipments coming under the purview of the terms, limits of the marine open policy.

The key covers under the policy are as follows:

Institute Cargo Clauses (A) – This is an ‘all risks’ cover and the widest form of cover available in the market.

Institute Cargo Clauses (C) – This cover is restricted to named perils such as Fire, carry by vessel being stranded, grounded, sunk, capsized or collision of vessel etc

Additional covers like Institute Cargo Clause (War) can be purchased to cover the War risks.

Some of the key extensions provided under the policy are:
  • Removal of Debris
  • Repacking costs
  • Sue and labour
  • Warehouse to Warehouse Extension
  • Loading and unloading Risk
  • Concealed Damage Clause
  • Buyer's and/or sellers' contingent interest