Open Policy

An open policy is one in which the amount of the interest of the insured is not fixed by the policy, and is to be ascertained in case of loss. See "Policy."

An open policy is one in which the amount of the interest of the insured is not fixed by the policy, and is to be ascertained in case of loss. See Policy.

In insurance. One in which the value of the subject insured is not fixed or agreed upon in the policy, as between the assured and the underwriter, bat 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. Riggs v. Fire Protection Ass'n, 61 S. O. 448, 39 S. E. 614; Cox v. Insurance Co.., 3 Rich. Law, 35(1, 45 Am. Dec. 771; Insurance Co., v. Butler, 38 Ohio St. 128. But this term la also sometimes used in America to describe a policy in which an aggregate amount is expressed la the body of the policy, and the specific amounts and subjects are to be indorsed from time to time. London Assur. Corp. v. Paterson, 106 Ga. 538, 32 S. E. 650.

Defined under Policy of Insurance in Black's Law Dictionary.

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.