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CARM: What all importers need to know about CARM

Terminology

O

Open Policy

A cargo insurance policy that is an open contract; i.e. it provides protection for all of an exporter’s shipments afloat or in transit within a specified geographical trade area for an unlimited period of time, until the policy is cancelled by the insured or by the insurance company. It is ‘open’ because the goods that are shipped are also detailed at that time. This is usually shown in a document called a marine insurance certificate.

Quick Tip #49
Know the risk and responsibility assumed when booking direct with carriers

If you are not careful, the money you save in one area may be exceeded by the extra costs you incur in another area.

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