1. Marine. A cargo policy covering individual shipments each of which is declared and eventually exhausts the sum insured. The arrangement has largely given way to open covers. 2. Floating insurance for building contractors. Annual policy insures buildings of normal construction in course of erection and completion (including outbuildings, walls, etc.) up to a specific sum on the site of any of the insured’s contracts.
***
(i) When there are a series of export or import transactions, it is used for a single global sum insured, as shipments are made a declaration of their value must be made to the Insurers, the balance of the sum insured applicable to future transactions being thus automatically reduced. (ii) Policies where the sum insured covers a sequence of events, being reduced as each event occurs.