Open Policy
Definition of "Open policy"
Coverage normally used on an indefinite basis under OCEAN MARINE INSURANCE and INLAND MARINE INSURANCE (TRANSPORTATION insurance): business risks for the damage or destruction of a shipper's goods in transit. While the policy is in force, the shipper is required each month to submit to the insurance company reports on goods being shipped to be covered by the policy; premiums are also submitted at that time.
Popular Insurance Terms
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Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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Decision in the absence of a plaintiff or defendant at the specified court time. ...
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