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
Individual retirement account established under the tax reform act of 1986, for a spouse who has unearned income. The maximum annual combined contribution into the worker's and spouse's IRA ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Particular type of loss which is expected by an organization and for which provision is usually made in the budgeting process of the organization. ...
Coverage in which one premium payment is made and the policy is fully paid up with no further premiums required. ...
Attachment to a general liability policy thereby eliminating the exclusion of property under the care, custody, and/or control of an insured. Without this endorsement there would be no ...
Coverage on real property written to have no time limit. A single deposit premium pays for insurance for the life of the risk. The insurer earns enough investment income on the deposit to ...
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Fidelity bond provided under a blanket position bond (in which each position is covered on an individual basis) or a commercial blanket bond (in which a loss is covered on a blanket basis ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
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