Marine Open Inland Declaration Policy

Marine Open Inland Declaration Policy

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Marine Open Inland Declaration Policy

  • Author :
  • TATA AIG Team
  • Published on :
  • 16/01/2024
  • 2 min read

Transportation of goods involves multiple risks, such as poor weather conditions, natural disasters, social or manmade hazards, and more. These types of situations lead to hefty losses and damages that can severely impact your business.

For this reason, it becomes critical to have marine insurance or simply transit insurance.

However, purchasing insurance for each shipment can be highly inconvenient and expensive, especially if you are a frequent shipper or deal with multiple shipments in a year.

This is where annual open policy becomes desirable. It covers all your shipments made via different modes of transportation during policy tenure.

Let’s dive into the blog to learn a bit more about marine open inland declaration policy in detail.

Marine Cargo Open Policy Meaning — What is Marine Open Inland Declaration Policy?

A Marine Open Inland Declaration policy refers to a type of transit policy that provides financial coverage to the insured goods and shipments made over a period of one year under a single policy and declaration.

Unlike other marine insurance policies that require you to make declarations every time you want to make a shipment, a marine open declaration policy allows you to make a single declaration for all your shipments for a specified policy tenure.

This type of policy is very useful for businesses as it allows them to run their shipping operations smoothly without dealing with a lot of documentation.

Features and Benefits of Marine Open Inland Declaration Policy

Now that you have understood what an open policy in marine insurance is, it is time to take a look at some of the key features and benefits of purchasing a marine open inland declaration policy:

One Policy for Multiple Shipments: Buying an individual policy for each inland shipment can be very inconvenient. But when you have a marine open policy, all your shipments made during a year will be covered under a single policy. It is very convenient for the business with frequent requirements.

Cost Effective: Continuing the above point, investing in a separate policy for each cargo can be very costly as single transit and short-term policies come at a much higher rate than a marine open policy. So, investing in a marine open declaration policy can help you save a lot of money.

Easy Policy Management: When you have a marine open inland declaration policy, you don’t need to deal with a lot of paperwork. No need to stress about the renewal dates of each policy; remember the terms and conditions of each policy or pay multiple premiums at regular intervals. All you need to do is take care of your single policy, which is very easy and hassle-free.

Flexibility: Marine open inland policy provided by some insurance providers comes with an option of customisation. It means you can make necessary adjustments in the coverage of particular shipments without having to purchase a new policy altogether. This offers greater flexibility and peace of mind.

Comprehensive Coverage: Last but not least, a marine open policy provides you with continuous coverage for a pre-specified tenure. This allows you to run your business smoothly without worrying about the safety of your goods.

While this is not an extensive list of the features of a marine open inland declaration policy, the above-mentioned benefits are common to most policies. Some specific characteristics can vary depending on your insurance provider.

Who Should Buy Marine Open Policy?

Marine open inland declaration policy is ideal for the candidates below:

Entities Dealing with Multiple Shipments: If you are a business or an entity dealing with regular shipments throughout the year, then a marine open inland declaration policy is a great option for you. With a single floating insurance policy, you can transport your goods any number of times during the policy tenure. It is highly convenient as you don’t have to make declarations for every shipment. Besides, it is highly cost-effective

Entities Dealing With High-Value Goods: If you are a business or an entity dealing with the transportation of high-value goods with higher risk exposure, then you can also invest in an open declaration policy.

Some examples of the above entities include inland or domestic shipping companies, retailers with multiple distribution centres, freight forwarders, logistics companies, government institutions, and so on.

Difference Between Marine Open Cover and Open Policy

While used interchangeably very often, marine open cover and marine open policy are two different insurance products that come with their own features and benefits.

As mentioned above, the marine open policy provides coverage for all the shipments that are made over a period of 12 months or a year as per the sum insured. Note that the sum insured keeps getting lower as you make the claims and until it gets exhausted.

On the other hand, marine open cover is a type of insurance in which the insurance provider takes the responsibility of providing coverage to all the shipments that are made during the policy tenure.

Further, marine open cover insurance policies are used by large business entities that deal with high-value shipments, mostly in international trade.

Final Words

Marine open inland declaration policy is highly sought after for the benefits and convenience it offers to businesses within the shipping and other industries.

By allowing you to cover all your shipments under a single policy, it offers higher flexibility, cost-efficiency, convenience, and, most importantly, the peace of mind you deserve.

We hope the information mentioned in this blog helps you purchase a suitable cargo insurance policy.

For more information on marine insurance, contact Tata AIG insurance experts today!

FAQS

How can I select the best marine open policy?

You can select the best marine open policy by taking into account various factors such as your requirements, risk exposure, budget, and so on. Moreover, it is also important to work with the right insurance provider.

Can I purchase marine insurance online?

Yes, you can purchase marine insurance online by visiting the official site of your insurance company. Once you submit your requirements, the insurance provider will get in touch with you and help you with the process of purchasing insurance online.

What is the cost of marine open-cover insurance?

The cost of marine open cover insurance is variable as there are several factors that are taken into consideration to decide the premium amount. These factors include the type and nature of cargo, type of policy and add-ons, terms and conditions of the insurance provider, and so on. Check with your preferred inside provider for a close estimate of your marine open cover insurance.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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