An insurance policy that describes the nature and extent of coverage for a shipment. Consignees are assured that insurance is provided in case of loss of or damage to cargo in transit. Sometimes a shipper will issue a certificate certifying that a shipment has been covered under an open policy, and claiming that the certificate represents and takes the place of that policy, whose provisions control. Using a special marine policy has become the norm due to the objections that such an instrument did not constitute a "policy" within the meaning of letters of credit. There are no differences between a special marine insurance policy and an open marine policy, which stands on its own as an obligation of the underwriter. The policy is also known as a special cargo policy or an insurance certificate.
An insurance policy guarantees that the cargo's loss or damage will be covered while it is in transit. Shippers (or other parties) receive a certificate from an insurer as proof that a marine policy covers their shipment of goods.
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