1. Cargo insurance for insureds who ship goods on a regular basis. The contract covers all sendings within the scope of the policy at agreed rates. The insured must declare each shipment to facilitate the issue of certificates. Premiums are debited monthly or quarterly. The policy is not subject to a fixed term but can be cancelled subject to 30 days notice. 2. Marine reinsurance facility whereby the reinsurer takes a share of any business of a defined type that is offered by the cedant. It works in the same way as the open cover for cargoes (see 1. above).