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What is Open cover in marine insurance?

The open cover is a category of marine insurance policy in which the insurance provider will provide coverage for all the cargoes shipped during a specific policy period. The open cover is most commonly procured by those companies which make very frequent shipments. This policy can act as a blanket cover for businesses thus helping […]

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What is per bottom limit in marine insurance?

“Per bottom limit” is an important feature of an open cover marine insurance policy. An open marine insurance policy describes the cargo, voyage, and the insurance cover in general terms. It will naturally take care of all the shipments which fall under its scope. Issued for 1 year, this policy is renewable annually and can […]

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What is the difference between an open cover and an open policy?

The open cover is a category of marine insurance policy in which the insurance provider is ready to provide cover for all the cargoes which are being shipped during the policy term whereas an open marine insurance policy will provide cover for an indefinite number of requirements arising in future. This means Open marine insurance […]

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