3.1 Cargo is usually insured under an open cover. This chapter therefore considers open covers first and then considers policies. The policy requirements of the Marine Insurance Act 1906 are reflected in the mandatory requirements of the Market Reform Contract and will be considered in that context as policies are no longer issued for cargo business in the London market.1 Finally we look at certificates of insurance, which we contrast with policies, before examining the rights of the buyer of goods under a c.i.f. contract as assignee of an insurance certificate.