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Open Policy : Also known as Floating Policy, it has much in a common with the Open Cover. This policy benefits clients with substantial turnover and a large number of despatches. Thus, it covers a series of consignments with all stipulations of the Open Cover, except that :
i) Open Policy is an enforceable contract of insurance and is hence, duly stamped; and
ii) Open Policy is for an agreed amount, against which a series of consignments may be despatched and declared as a result of which the sum insured will gradually diminish by the amount of each declaration until it is finally exhausted.
iii)Even though the Open Policy ceases on expiry of one year from the date of its issue, the sum insured is of paramount importance. Therefore, the sum insured may exhaust prior to the expiry of the policy.
iv)Open Policy is subject to cancellation by either party after giving 15 days notice of cancellation in writing.
Post-shipment Export Credit Guarantee and Export Finance Guarantee : Past-shipment finance given to exporters by banks through purchase, negotiation or discount of export bills or
Excise Rebate Policy : The scheme under which the Central Excise exemption or refund is provided is popularly known as Rebate of Central Excise. This scheme operates under Section
explain henry assael model
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