Any one involved in trade and commercial enterprise may consider cargo insurance for their import/export/indigenous shipment/transit.
FAQ - Commercial Risk Insurance
Open cover is a cover note issued for 12 months which is an unstamped document but provides automatic and continuous protection to a regular exporter/importer engaged in International trade.
The policy does not cover the following
- Mould, mildew, fungus
- Unexplained shortage
- Tail end transits
- Over dimensional cargo
- Rejection risk
- Contingency risk
The basis of valuation in respect of individual dispatches may be as agreed between the Insurers and the Assureds but in no case the Sum Insured shall exceed CIF value plus 10%.
If the cargo is lost or damaged in transit, the client will suffer financial losses.
The policy covers a single shipment of goods (Voyage policy)
In the case of ‘Open Cover’ the underwriters will issue Specific policy/Certificate of Insurance against each and every declaration submitted by the insured. However, in case of Open policy for import/ export shipment, individual certificate will be issued with appropriate stamp duty. If ‘Open Policy’ is issued for inland transit, issue of certificate of insurance is not mandatory.
