Insurance Declaration Under Open Cover
Declaration under marine open cover author.
Insurance declaration under open cover. It does not therefore include open cover. The date of the insurance document must be no later than the date of shipment unless it appears from the insurance document that the cover is effective from a date not later than the date of shipment. A declaration under an open cover may not be acceptable in lieu of an insurance ceritificate and vice versa. Proposer s signature date.
For the purpose of this thesis the term open cover insurance only refers to the open cover insurance in cargo insurance. For your information i hear that cdcs exams have a similar question and the correct answer given is that a declaration under an open cover is acceptable in lieu of an insurance ceritificate and vice versa. 7 2 2009 9 33 54 am. Usually it is an annual cargo insurance policy which is issued for one sum insured to cover a number of dispatches.
Here the policy covers a number of dispatches until the sum. Marine cargo insurance that provides blanket cover against loss or damage to all goods transported by a specific carrier or by a specific shipper during a stated period. Under the open marine insurance policy successive shipments are declared to the insurance company and they automatically get covered under the open marine insurance policy on or after the policy s inception date. Imho declaration under an open cover must be made by the insured party to the insurance company declaring that towards a specific open policy you are insuring a certan cargo specifying all necessary details.
Created pdf created date. Part i is general information about open cover insurance and part ii is discussion of specific issues on declaration obligation under open cover insurance system. If the answer s now given by me us cease to be true and or complete l we undertake to give immediate notification to the company. The insurance declaration page contains all the important information regarding your insurance contract including what is covered the type of coverage and other details so review the declaration page in detail to make sure everything is correct such as your name address and insurance policy amounts.
Zurich australian insurance limited created date. I think that is used when insrance cover is provided by the buyer. Under its terms the insured is required to periodically provide the insurer with the description quantity and value of goods shipped during that period. Zurich australian insurance limited abn 13 000 296 640 afs licence no.
An insurance policy is acceptable in lieu of an insurance certificate or a declaration under an open cover. Cover notes will not be accepted. 5 blue street north sydney nsw 2060. This thesis includes two parts.
2 5 2 if an unintentional mistake causes an. Any policies or certificates of insurance issued under this open cover must strictly conform to the terms conditions and limits of this open cover. Also called open cover.
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