Open Policy

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Open Policy

A marine cargo insurance policy issued to cover various unspecified exports over the life of the policy.

Open Policy

In maritime commerce, an insurance policy stating that the insurer is responsible for partial losses on the value of the covered products without stating what is specifically covered. Sometimes open policies include a deductible and sometimes they do not. Depending on the amount of the deductible, the insurer of an open policy will be liable for losses if some of the products break in transit, regardless of the reason. See also: WPA.