CARM: What all importers need to know about CARM

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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 #48
Know what type of insurance is available – and what’s best for your business

An open policy is typically for companies that have a regular frequency of goods in transit.

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