Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Open Cover - For large exporters and importers who have continuous trade, an open cover is issued.
Delay in Start Up or Advance Loss of Profits (ALOP) Policy - In case of new project any loss or damage to the equipment during transit may involve ordering of fresh equipment which leads to delay in completion of the project, and thereby loss of profits. The subject matter of insurance can be profits, standing charges, debt service charges.
Marine hull insurance is done as per international clauses applicable across different countries.Hull refers to the body of a ship or other water transport vessel
Covering a particular Voyage: The set of clauses used here are called Institute Voyage Clauses
Covering a period of time: Usually one year. The set of clauses used here are called Institute (Time) Clauses
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