It is not a contract of marine insurance and as such, policies/certificates must be issued from time as and when declarations are made. It is an honourable undertaking on the part of the Insurers to hold covered all the Assured's shipments which come within the terms of the Open Cover. Likewise, The Assured is in honour bound to declare every item that falls within the scope of the cover and does not have the option to place such risk elsewhere should he consider it a advantageous so to do. Thus, the Open Cover is an obligatory contract binding both parties to its terms, rates and conditions.