(insurance) (a) A method of reporting multiple shipments to an insurance company under an open insurance policy. (b) An insurance form, similar to a declaration, which provides for insurance coverage of multiple shipments within a prescribed reporting period, usually a month.
This form calls for the name of the vessel and sailing date, points of shipment and destination, nature of commodity, the amount of insurance desired, and the number of the open policy under which the shipment is made. The bordereau form is prepared by the assured and is forwarded within a prescribed reporting period, usually monthly. The forms are forwarded to the insurance agent or broker for transmission to the insurance company. The premium is billed monthly in accordance with the schedule of rates provided by the policy.
The bordereau is generally not used in cases where evidence of insurance must be supplied to a customer, to banks or to other third parties in order to permit collection of claims abroad. This calls for a special marine policy, occasionally referred to as a certificate. The bordereau, therefore, is mainly used for import shipments, not export shipments.
See special marine policy. See declaration.