Declaration
Telling the insurer a shipment has moved under the open cover.
Definition
The record of an individual consignment under an open policy: the route, the commodity, the value, the conveyance and the date. Declarations are the basis on which premium is adjusted, and most open covers require them to be made promptly and in full, including shipments that arrived safely. Some are written on a "held covered" basis so that an unintentional omission does not void the cover on that shipment.
Why it decides money
Declaring only the shipments you are worried about is selection against the insurer, and it is the fastest way to lose an open cover at renewal.
Related terms
- Open cover
- A standing contract that covers every shipment you declare under it.
- Limit per conveyance
- The most the insurer will pay for everything on one vehicle, aircraft or ship.
More in what is covered
InsuranceScanner is an insurance intermediary, not an insurer — see the Terms for our role. Nothing here is a personal recommendation that a particular cover, sum insured or deductible is suitable for you. Where anything on this page conflicts with the certificate, policy schedule or wording issued by an insurer, that document governs.