Definition of "Open policy"

Gerald Miller real estate agent
Gerald Miller, Real Estate Agent The Keyes Company

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.

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