A continuous policy written on a reporting basis.

Insurance business that may be offered to and placed with any managing agent that is willing to underwrite it on behalf of its managed syndicate. It excludes business that is underwritten pursuant to a binding authority.

A firm that produces business to a Lloyd’s broker for placement on an open market basis. Lloyd’s requires that firms in certain overseas territories must be approved or registered by its attorney in fact or general representative before they can produce business to one or more sponsoring Lloyd’s brokers for placement on an open market basis.

Property coverage that applies to risks of loss on a general basis, in contrast with policies that cover for specifically identified perils. See Named perils. The old term for open perils was all risks. In an open perils policy, unless the peril/cause of loss is specifically excluded, coverage exits.
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A term used to describe a broad form of property insurance in which coverage applies to loss arising from any fortuitous cause other than those perils or causes specifically excluded. This is in contrast to other policies that name the peril or perils insured against.

Insurance that covers loss or property damage caused by any peril except those specifically excluded.

(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.

A type of insurance most often used on goods in transit. The contract does not specifically state policy terms or an expiration date, but a certificate of insurance that states the goods to be covered is issued. The contract does specify limits of liability under the coverage it offers. Reports are made monthly and premiums are due at that time.