Giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss.
The exposure of property to risk at sea.
All fortuitous causes of loss. It does not embrace inevitable loss such as wear and tear.
Designed for clients with small turnover of Goods in Transit. A deposit premium is paid and this is adjusted at the end of the year based on declarations made.
A written form submitted to underwriter to obtain quotation for a risk, and contains particulars of the risk.
The passing of beneficial rights from one party to another.
Partial loss or damage.
Appointed by the shipowner to prepare General Average Statement
The clause in marine policy which sets out the coverage provided in the event of partial loss.
Indicates that partial losses will be paid regardless of any franchise or percentage.
The right of an underwriter, in the event of a breach of good faith or delay in commencement of an insured voyage to step aside from the insurance contract and to treat it as though they had never accepted the risk.
A criminal or wrongful act by the ship's master or crew causing loss or damage to the ship or cargo.
A clause by which the bailee of goods claims the benefit of any insurance policy effected by the cargo owner on the goods in care of the bailee. Such a clause in a contract of carriage issued in accordance with the Carriage of Goods by Water Act is void at law.
The maximum value at risk per shipment/sending/aircraft.
Although there is no warranty of seaworthiness in a hull time policy, claims arising from unseaworthiness may be prejudiced if the ship sails in an unseaworthy condition with the knowledge of the insured.