A marine open policy is a marine insurance policy that covers multiple shipments for a period of 12 months. The policyholder pays a premium for the coverage, and in return, the insurance company will cover any losses or damages that occur during the shipment. The sum insured is adequately large, and adjustments are made as per the reducing balance method against the value of each cargo1. Open cover insurance is most commonly purchased by companies that make frequent shipments.
As the name suggests, “Planswell” as a brand seeks to facilitate all its clients to Plan-Well for their future, be it in the form of Loan Financing, Wealth Management (exclusively in Mutual Funds & Bonds) or Insurance Broking.