Marine Open Declaration Insurance

Provides continuous coverage for all shipments within the policy period. Businesses can declare each shipment as it occurs, ensuring all goods in transit are protected.

Main advantage is flexibility allowing businesses to adjust declared value of shipments as needed, providing accurate coverage reflecting actual value of transported goods.

Managing multiple shipments under single policy reduces administrative burden, streamlining the process and making it easier to manage and track coverage.

Covering multiple shipments under one policy often achieves cost savings compared to individual policies. Declaring shipments as they occur optimizes premium costs.

Provides broad coverage against various transportation risks including damage, theft, and loss during transit with customizable terms for specific business needs.

Businesses engaged in international trade need protection for goods during overseas transit, covering potential risks across borders.

Companies producing goods and shipping to distributors or customers, both domestically and internationally, require protection against transportation damage or loss.

Companies responsible for organizing and handling goods shipping need insurance to ensure clients' goods are protected throughout the journey.

Retailers importing products for sale often need coverage from point of origin to final destination, protecting their inventory and investment.

Online retailers shipping products globally or domestically benefit from protection against risks associated with transporting goods to customers.

Businesses purchasing goods in bulk and distributing to various locations need insurance to cover transit risks in moving large product quantities.

Those involved in large-scale projects need coverage for transportation of materials and equipment, ensuring projects stay on schedule and within budget.

Business and insurer agree on coverage limit for specified period, typically one year, establishing the framework for ongoing protection.

Policy covers all shipments within this period, providing ongoing protection for declared shipments throughout the policy term.

Each shipment is declared to insurer, including details like value, transport mode, and destination, ensuring accurate coverage.

Declarations are made as shipments occur, allowing policy to adapt to varying shipment volumes and business needs.

Declared shipments are immediately covered against risks like damage, theft, or loss, providing immediate protection upon declaration.

Policy can include specific clauses tailored to business needs, addressing unique risks or requirements for particular shipments.

Premiums calculated on total declared value of shipments during policy period, with adjustments based on actual declared values.

If loss occurs, insured files claim with necessary documentation, and insurer compensates based on declared value following policy terms.

Incoterms do not cover ownership transfer or payment terms/methods.

Incoterms should be expressly incorporated into the Contract of Sale.

Choose the term suited to the type of goods and transport (e.g., airfreight).

Clarify who arranges transportation—domestic or international.

Specify the location (Point/Port/Place) clearly.

Ensure the term fits with the payment system (e.g., LC) and is suitable for containerized goods.