An open policy is one in which the value of the subject matter is not agreed upon, but is left to be ascertained in case of loss.
Cal. Ins. Code § 411
Types of Policies
Applied in 2 court decisions — leading case 201 Cal. App. 4th 1112 - George v. Automobile Club of Southern California (2011)
Most recently applied in 201 Cal. App. 4th 1112 - George v. Automobile Club of Southern California (December 2011)
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.