Open Policy
A Dictionary of Law · Henry Campbell Black · 1891
A Dictionary of Law
In marine insurance. One in which the value of the subject insured is not Axed or agreed upon in the policy, as between the assured and the underwriter, but is left to be estimated in case of loss. The term is opposed to “valued policy,” in which the value of the subject insured is fixed for the purpose of the insurance, and expressed on the face of the policy. Mozley & Whitley.