This covers contents or stock spread over more than one set of premises, or over more than one building. This is also available for contractors who want to cover all similar contracts undertaken in a year, with the premium adjustable at year-end on declaration of the actual contract values.
The insurance company first grants the insured a large initial sum-insured. Then each time the shipment is sent, the insured declares them to the insurer. The value of the shipment is then deducted from the outstanding sum insured. But it is more common nowadays to use an 'open' policy.
an insurance policy covering loss of movable property (e.g. jewelry) regardless of its location
a policy that describes the insurance in general terms and leaves the name of the ship or ships and other particulars to be defined by subsequent declaration
A policy for a certain amount insuring goods which are not all in one place, but are spread over a certain district or area, so that the goods, wherever they may be deposited, are covered, either wholly or in part, according as their aggregate value may happen to be either under or above the sum insured.
See Open policy.
A policy where the sum insured covers different situations or persons with no division of the sum insured among them.
Open Insurance Policy