Phoenix Insurance will provide an Open Cover Marine Policy for all imports and exports insured under the Open Cover facility.
The Open Cover facility will give the following benefits to the assured:
- Automatic 24-hour cover to all declared imports or exports, without exception;
- Assurance to determine his / her insurance programme for the accounting year, and
- Ability to know the amount of premium payable on each shipment, well in advance.
In addition, Phoenix Insurance shall give comprehensive Marine Insurance Cover on the basis of the Institute Cargo Clauses (A) 1/1/82, including war, strikes and civil commotion for all goods imported and/or exported by the insured’s firm / organisation.
Importers can use this policy as collateral in the establishment of letters of credit with banks. This is a benefit, which assists importers who would not have got letters of credit established by their banks, for goods they could not have paid for outright.