Open Policy

A cargo policy with no expiration date that provides automatic coverage of cargo to or from an Assured in a specified trade at agreed rates, terms, and conditions. Usually consists of separate Marine and War policies.

An open policy is one in which the amount of the interest of the insured is not fixed by the policy, and is to be ascertained in case of loss.
   

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.