Insurance or reinsurance, as it applies to one or more specific exposures. If the amount of uninsured insurance is classified as “average” and the amount is less than the value of the insurance item, each policy-agreed fee is reduced proportionally to reflect underinsurance. Section 81 of the Marine Insurance Act of 1906 stipulates that an insured must be his or her own insurer for all insurance companies. For marine insurance, the term “average” can also refer to one of two types of losses, the general average and the particular average. A clause in an insurance or reinsurance contract that defines the procedure that the insured must follow in order to assert a right under the contract. Such clauses often provide for immediate notification of claims and events that may give way in the future. Another term for policy limitation. It refers to the maximum amount to be paid in the context of insurance or reinsurance, either in full or in reference to a particular section of a policy. Insurance covering policyholders against the rights of third parties or, in the case of the employer`s liability insurance, the rights of employees under certain conditions. c) the insured is always deprived of the purpose of the insurance. Section 58 of the MIA adds that if there is no notification of a missing vessel, a actual loss may be presumed after a reasonable period of time. This term generally refers to certain financial injuries, damages, damages or deterrence suffered by a person.
Losses can be insured or uninsured. Whether damage is covered by a policy or insurance certificate depends on the terms of the document and local law. A loss resulting from the appropriate victim in times of danger of a part of a vessel or its cargo for the purposes of the preservation of the vessel and the rest of its cargo, as well as all expenses incurred for the same use. An example of an overall average loss would be to drop cargo to keep a vessel afloat, and an example of general average expenditure would be towing a broken vessel into port. An average adjustment calculates the value of each interest rate saved for each interested party who is then required to contribute in proportion to the overall average loss or general expenses. Subject to insurance conditions, insurance normally only applies if the damage is due to the prevention or prevention of an insured risk. Estimated losses that an insurer or reinsurer has suffered or may suffer as a result of their knowledge or experience in taking over similar contracts, the opinion of one or more insurance or reinsurance contracts, but which were not reported to the insurer or reinsurer at the time of their estimate. A short period during which coverage for an annual policy may be extended beyond the expiry date to allow for the payment of a renewal premium. The privilege is lost if the insured refuses the terms of renewal proposed by his actions or words. There is no additional time in auto or marine insurance. This term derives from Section 57 of the Marine Insurance Act 1906 (MIA) and refers to marine insurance situations in which: a person who owns the property of another person (the Bailor) under a contract or agreement under which the property held must be returned to den Bailor or delivered somewhere at his order.
A bailee for reward is paid for his services. Glossary of insurance-related terms used by Lloyd`s and market participants.