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Insurance coverage for loss of goods resulting from any act of war.
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Insurance coverage for loss of goods resulting from any act of war.
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Related Terms |
CLASSIFICATION SOCIETY
Independent and reputable organizations which verifies and inspects vessels for seaworthiness. As technical experts, they serve to provide the necessary basis for adjusting insurance rates for the vessel.
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CIF
Cost, Insurance and Freight (named port of destination).
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TECHNICAL MANAGEMENT
A management of the maintenance, crewing and insurance of the ship.
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AT SEA
In marine insurance this phrase applies to a ship which is free from its moorings and ready to sail.
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SPOT VOYAGE
A charter for a particular vessel to move a single cargo between specified loading port(s) and discharge port(s) in the immediate future. Contract rate (spot rate) covers total operating expenses, i.e., bunkers,
port charges, canal tolls, crew's wages and food, insurance and repairs. Cargo owner absorbs, in addition, any expenses specifically levied against the cargo.
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MEIF
Mandatory Excess Insurance Facility
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LLOYDS REGISTRY
An organization engaged in the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels involved.
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ADVENTURE
Shipment of goods on shipper's own account. A bill of adventure is a document signed by the master of the ship that carries goods at owner's risk. Also, a term used in some insurance policies to mean a voyage or a shipment.
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FREIGHT, DEMURRAGE, AND DEFENSE
Class of insurance provided by a protection and indemnity (P&I) club that covers legal costs incurred by a shipowner in connection with claims arising from the operation of the ship.
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CAPTAIN'S PROTEST
A document prepared by the captain of a vessel on arriving at port; shows conditions encountered during voyage, generally for the purpose of relieving ship owner of any loss to cargo and shifting responsibility for reimbursement to the insurance company.
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