It is an Annual Cargo Insurance Contract expressed in general terms and effected for a round sum sufficient to cover a number of dispatches until the sum insured is exhausted by declarations. The Open Policy, also known as the Floating Policy, saves the assured the inconvenience of affecting individually the insurance of goods dispatched within the country & outside the country. The policy may cover both incoming and outgoing consignments from anywhere in India to anywhere in India and from anywhere in the world to India & vice versa. The sum insured under the policy should ordinarily represent the assured’s estimated annual turnover of the goods.