The FSA’s ICOB Rules require retail customers to be given a cancellation period of 14 days for general insurance contracts and distance non-investment mediation contracts, and 30 days for pure protection contracts, or, if later, the date of receipt of the policy documents.

A clause giving both parties to marine open covers the right to give 30 days’ notice of cancellation. Where war and strike risks are covered, insurers may give seven days’ notice, (in some cases less), of cancellation without disturbing the tenure of the open cover itself. When the clause is invoked, shipments that have gone or will go forward before the notice expires remain covered until arrival. Ca clauses also appear in floating policies.