Marine insurance underwriting requires knowledge of how to trade both domestic and international is conducted
These trades are generally conducted through agents, brokers, and intermediaries.
They are commission agents, warehouse keepers, shipping agents, freight forwarding agents, and Stevedores.
Brokers are agents who for a commission negotiate the sale or purchase of goods on behalf of other parties. They do not require the title to the goods and do not assume possession of goods.
Warehouse keepers receive the goods for the purpose of storage in their warehouses. Shipping agents have special arrangements with the ship companies.
They formulate the various shipping documents arrange for the insurance of goods and pass the customs entry.
Open Cover
The open cover is an agreement, binding in honor whereby the insured will undertake to ensure all shipments declared by the insured and the assured to declare each and every shipment which comes within the scope of the open cover.
Premium is payable on each declaration against which specific stamped certificate/policy issue.
Cargo insuranceMarine InsuranceTransit InsuranceTransport Insurance
Advantages
The advantage of the open cover is automatic and continuous insurance.
Once arranged the insured is granted protection on the agreed basis for all shipments subject to the declaration of full shipping, details.
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