Marine policy without insuring clauses

What are the typical details on the schedule of an inland marine cargo open policy?

1. The name of the assured
2. Address of the assured
3. Details of the subject-matter of insurance
4. From & to locations
5. Limit per sending
6. Limit per location
7. Modes of conveyance
8. Basis of valuation
9. Estimated annual turnover
10. Premium amount/Rate 
11. Deductible
12. List of insuring clauses

Can a policy be issued without some or all of the above basis requirements? I have come across a marine open policy without points 4,7, 9 & 11. Yes, there is no mention of the estimated annual turnover or movements, the modes of conveyance and most surprisingly, no insuring clauses like Inland Transit clauses & SRCC clause. Instead of ‘From & To locations”,it has been stated as ” whilst on premises or in transit anywhere in India”. This implies that storage is intended to be covered too. Anyway, this policy incepted before the GIC Re came out with its controversial, yet impactful Cargo Termination of storage in transit clause ( Amended)

If there are no insuring clauses what is the coverage offered, one may wonder. There is a manuscript wording which reads ” This Policy insures against physical loss of or physical damage to the insured property up to the amount(s) insured arising from any cause including but not limited to any act of an Employee, whilst within the territorial limits specified in the schedule”.

The wording signifies that it is an ‘All-Risk’ type of cover even if the policy is NOT subject to Inland Transit clauses-A. What about exclusions? A strange list of exclusions, strange for a marine policy, are drawn up–  Dishonesty or collusion of owners or directors, war group of perils, Mysterious disappearance or losses discovered during stock-taking,losses due to aridity, humidity, moth & vermin, rust & oxidation, natural ageing, deterioration & losses from unattended vehicles. Strikes, riots & civil commotions are not excluded but strangely enough, there is a separate Terrorism exclusion endorsement attached. A standalone Terrorism policy too has been purchased, which again covers all the named locations only & not for any losses during transit. Standard exclusions we expect like insufficiency of packing/unsuitability of carrying conveyance, Delay, Inherent vice do not form part of the exclusions. Given the nature of the subject-matter, they may not be very relevant, but then this sort of policy structure could be used for other types of cargo as well.

Expanding on ” whilst on premises or in transit anywhere in India”, a complete list of locations is attached to the schedule and the total storage exposure is around INR 45 billion with the highest location being INR 20 billion. Almost as an afterthought, any one transit limit is stated as INR 2 billion. It appears to be more of storage risk than a transit risk, then why paint it as a marine open policy, I wonder. A lump-sum premium is given without reference to a rate and the estimated turnover.

Can a marine open policy be issued without the insuring clauses?  On the face of it, NO because there are the perils & exclusions to be clearly defined & the Duration of the transit, when it starts & when it ends. In the policy cited above, Duration clause has little relevance because both storage and transit are covered. What was the situation before the ICC and later ITC came into being in 1982?  Predominantly. manuscript policy forms were used, mainly the SG Form which is given in the Schedule of the Marine Insurance Act, Here too, there was a flowery preamble followed by clear reference to the voyage(s) and definition of key terms, giving a very clear idea about the fact that this was a marine insurance policy. In the case cited earlier, it is not clear if it can be called a marine open policy at all or should it be rechristened. 

Opinions welcome.