A claim which attaches to the res, i.e., the ship,. freight, or cargo.


Related Terms

TIME BAR

Time after which legal claims will not be entertained

CLAIM

A demand made upon a transportation line for payment on account of a loss sustained through its alleged negligence.

PARTICULAR AVERAGE INSURANCE

A Marine insurance term which refers to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particularaverage insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to ve percent, before a claim will be allowed by the company.

RECOURSE

A right claim against the guarantors of a loan or draft or bill of exchange.

RVNX

Abbreviation for 'Released Value Not Exceeding.' Usually used to limit the value of goods transported. The limitation refers to carrier liability when paying a claim for lost or damaged goods.

SUBROGATE

To put in place of another; i.e., when an insurance company pays a claim it is placed in the same position as the payee with regard to any rights against others.

CARRIER'S LIEN

When the shipper ships goods 'collect', the carrier has a possessory claim on these goods, which means that the carrier can retain possession of the goods as security for the charges due.

GENERAL AVERAGE

When a cargo loss occurs and general average is declared during a voyage, especially when there are multiple shippers and commodities, the amount of the total loss is averaged against all the cargo on the vessel based on a valuation formula. The settlement of the claims are paid by each and every shipper or their insurance carrier based on the average. A shipper, or their insurance carrier, may have to pay a share of a partial loss to others who had a loss or damage claim even when their own cargo may not have incurred any of the same damage or loss.

OFFHIRE

A term used to describe the time at which a vessel is no longer meeting the terms of readiness for a shipment and is therefore no longer earning revenue during that time. Some situations which can cause offhire periods are holds not clean, dry, free from infestation; engine failure, cannot sail due to crew problem or shortage. Etc.. When a vessel's condition changes back to meet the contract or charter party terms it is placed back on-hire. In some cases such as poor engine perfoprmance which extends the charter and adds expenses a claim for partial offhire may be made.

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