...Glossary of Terms

O

OD - Outside Diameter.

Open Account - A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment such as a note, L/C, or other formal written evidence of indebtedness.

Open Policy - A cargo insurance policy that is an open contract; e.g., it provides protection for all shipments in transit within a specified geographic trade area for a limited period of time. It is referred to as "open" because it does not require reporting of individual shipments. Summary or grouped reporting requirements vary with different policies.

O/R - Owner's Risk.