Issued to provide automatic and continuous Insurance protection to a regular exporter/importer engaged in international trade. It is not a Policy and is therefore not stamped. It is an agreement, building in honors whereby the Insurer undertakes to insure all shipments declared by the insured and which come within the scope of the open cove. Once arranged, the insured is guaranteed protection on the agreed basis for all shipments falling within its provision, subject to declaration of full shipping details of each shipment.