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Simple English definitions for legal terms
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An open policy is a type of insurance policy that does not state the value of the insured property. Instead, upon loss, the policyholder must provide proof of the property's worth. This type of policy is also known as an unvalued policy.
These examples illustrate how an open policy requires the policyholder to provide proof of the value of the insured property in the event of a loss. Without this proof, the policyholder may not receive full compensation for their losses.