Trading TermsPaying bank (or paying agent) Window Presentation Overfitting No-Load Uncovered Option
Open policy (OP)
An open policy is a form of insurance that offers coverage for multiple future shipments, with no set limit. This type of policy remains active until either the insurer or insured party decides to cancel it. In an open policy, each individual shipment is reported to the insurer and automatically covered from the policy's start date. This approach can benefit both the insurer and insured by streamlining the process and saving costs, especially for those with a high volume of similar transactions.
Related terms
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