Proof of an insurance contract.

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.

CIF

Cost, Insurance and Freight (named port of destination).

TECHNICAL MANAGEMENT

A management of the maintenance, crewing and insurance of the ship.

AT SEA

In marine insurance this phrase applies to a ship which is free from its moorings and ready to sail.

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.

MEIF

Mandatory Excess Insurance Facility

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.

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.

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.

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.

Related questions

MarineProHelp 2018 - 2021