(1) Marine: It is a type of floating cover. it is issued, duly stamped, for an amount representing the insured’s estimated annual turnover in respect of a with the result that the sum insured will gradually diminish by the amount of each declaration until the total sum insured under the open Policy is finally exhausted. An open Policy is commonly issued for Insurance of goods despatched within the country by rail/road/air/freight/registered post parcels, etc. The open Policy ceases on expiry of one year from the date of its issue, or exhaustion of the total sum insured, prior to the expiry of the open Policy period of 12 months, whichever first occurs. However, if the sum insured is likely to be exhausted prior to the expiry of the open Policy period it may be increased by issuing an extra endorsement and charging appropriate additional premium. (2) A Policy on which the sum insured has not yet been exhausted by declarations. (3) Formerly, an unvalued policy.