The following definitions are intended for general guidance. A sudden and severe disaster which causes an extraordinarily large loss. If you are experiencing difficulty opening the above applications, you may. The amount that the agency could expect to recover from a property if it was liquidated after considering all costs associated with liquidating, holding, and selling the property. If available, some optional coverages and benefits might be offered at an additional charge.
Classically, maritime law was a species of commercial law, and in many countries it is still treated as such. The field of admiralty and maritime law covers a broad range of subjects and has its own rules relating to jurisdiction and procedure. Understanding business insurance terminology trusted choice. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by.
Port charge relating to a vessel moored at approved anchorage site in a harbor. Practice of life insurance notes 23 insurance documents diploma in insurance services years, the necessary condition is endorsed on the policy. Not all concepts or coverages identified in this list are found at chapman university. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Due to the fact that marine insurance warranties are the common law concept, the majority of sources used for preparation of this thesis are of the english origin. Consumer glossary national association of insurance.
From portside to starboard, and everything in between. Origin and development of marine insurance the history of marine insurance in england is associated with the history of lloyds. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. Since 1977, cicr has been educating captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, and so forth. Weve put together this short glossary to help you better understand the process of obtaining the proper insurance for your vessel. Definitions yacht insurance global marine insurance. Glossary of risk management terms this is a comprehensive. Uninsuredunderinsured motorist coverage coverage for injuryrelated expenses that you are legally entitled to recover from the owner or operator of an uninsured or underinsured motor vehicle. A glossary of marine insurance and shipping terms marine.
Cargo changes in character so that it is no longer the thing that was insured e. See end of document for details 3 marine adventure and maritime perils defined. This page provides a glossary of insurance terms and definitions that are commonly. Navy, air force, marine corps, or coast guard and who served in active duty during one of the following periods. Generalinsurancedefinitions institute and faculty of. Iec, developed the general insurance code of practice the code. You should consult a qualified professional for interpretation of terms in a specific contract. Glossary of risk management terms this is a comprehensive list of insurance terms. Below is a glossary of commonly used insurance terms and their meanings. Global marine insurance agency, a division of specialty program group llc. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list.
Ocean marine insurance covers the perils of the sea whereas inland marine insurance is related to the inland risks on the land. Their area concerns matters of happenings at sea, marine insurance contracts and settlements of disputes arising from. Coverages and benefits listed below may not be available in your state. The word lloyds is associated with the name of edward lloyd, a small coffeehouse keeper where in, towards the latter part of the seventeenth century, the commercial community interested in shipping met. Agent the insurance company representative who sells policies on behalf of the insurer. Cif cost, insurance and freight cif basically the same as cfr, but with the addition that the seller must procure marine insurance against the risk of loss or damage to the goods during the carriage. There are currently no known outstanding effects for the marine insurance act 1906. Importers are responsible, under cips, for deciding whether to secure marine insurance and whether to seek usaid. Ballast tanks compartments at the bottom of a ship that are. As australias leading specialist marine insurer, weve developed a glossary of terms as an expert guide to navigate the language of marine insurance. The language of insurance can be quite complex and confusing. Module 3 practice of life insurance notes 25 insurance documents diploma in insurance services 2. Marine insurance legal definition merriamwebster law. Covers loss or damage to ships, cargo or injuries to ship crew members.
Your independent insurance agent is your best resource to ensure your business has the proper insurance coverage as it changes and grows year over year. In the 19th century, lloyds and the institute of london underwriters a grouping of london company insurers developed between them standardized clauses for the use of marine insurance, and these have been maintained since. Extra layer of insurance protection that covers you beyond the limits of your auto, home and marine policies. The area immediately in front of or behind a wharf shed on which cargo is. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. This is the maximum amount of money that an insurer is contracted to provide the policy holder in a specific policy period. Many terms are specific to the marine insurance industry and may be ambiguous to new boat owners.
This act is modelled on the english marine insurance act of 1906. Insurance information institute 110 william street new york, ny 10038 tel. Insurance is needed to maintain the financial integrity of your life and business. Audit, an examination of the insureds records payroll, inventory, receipts, sales, etc. Represents the interests of the insured in searching for insurance coverage at the. The seller contracts with the the seller quotes a price including insurance, all transportation, and miscellaneous charges to the. With about 55,000 employees, the zurich insurance group delivers a wide range of general insurance and life insurance products and services for individuals, small businesses, and midsized and large companies, including. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. Insurance glossary insurance terms and definitions from marina bay insurance agency. Review this list of 10 items to prepare for your conversation about how your business and its insurance needs. The terms and conditions as mentioned in the policy along with such endorsements as made at the back of the policy govern the insurance contract and are open to be interpreted by a court. Usually applied to life and marine policies and not to agricultural insurance. Glossary association of marine underwriters of san francisco.
In this blogpost, pramit bhattacharya, student, damodaramsanjivayya natioanl law university, writes about the concept of excluded losses in the case of marine insurance. Glossary backhaul to haul a shipment back over part of a route that it has already traveled. Insurance handbook insurance information institute. Pdf download questionnaire rli corp personal insurance. A salvage is the process of managing to retrieve or save a vessel from a perilous situation such that it is not written off for insurance purposes i. If at any time your speaking with an hms broker and you dont understand the terminology, please ask, its what were here for. Ballast keel a heavy keel fitted to vessels to lower the center of gravity and improve stability. Section 55 of the marine insurance act, 1963, which deals with the concept of excluded losses and also the important elements of the provisions are dealt with, in this post. Independent agents in our network believe that knowledge is power, and they are dedicated to not only providing consumers with competitive rates and coverage, but education and answers as well business terminology shouldnt be reserved for insurance agents. Review this list of 10 items to prepare for your conversation about how your business and its insurance needs have changed since your policy was issued. Glossary of terms and definitions nacora international insurance. Marine insurance, by this definition, will be needed if the risks you seek cover from are related to marine activities, such as transportation through oceans and waterways. Glossary of marine terms the canadian board of marine.
A flexible procedure in which the disputing parties agree to the format of an. Meaning, nature, subject matters and principles of marine. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. A class of insurance made up of variety of subclasses, principally concerned with insurance against loss due to legal liability to third persons, but comprising also several unrelated lines or coverages. Coverage designed to protect against the liability for injury, loss, or damage that a. Admiralty and maritime law federal judicial center.
Glossary of commercial insurance terms commercial insurance is divided into two main categories. West bayshore drive, suite 205, traverse city, mi 49684 800. Readers are invited to contact fao with comments and suggestions which could be. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Boat insurance terminology can be confusing to firsttime insurance buyers. Pdf legal reference subrogation liability litigation ocean marine landlordtenant subrogation in all 50 states 916 the ability of a landlords property insurer to subrogate against a tenant for property damage caused by the negligence of the tenant depends on which state the loss occurs in and the nature and language of the lease involved. The information has been gathered from many sources believed to be reliable, but the association assumes no responsibility for the accuracy of the information. Glossary of insurance terms crissie insurance group. Sea fever pdf format this is a glossary of shipping terms and marine terminology as it pertains to marine insurance.
After you complete this survey you will be redirected to the application you requested. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Boat insurance definitions beginning with s salvage. Jan 23, 2010 marine insurance market lloyds, a corporate established in london, is the biggest centre for marine insurance in the world lloyds was a coffee house frequented by the tradesmen, ship owners and others the coffee house became the meeting ground for. The supreme court decided they were separate causes of action, which is the main reason it determined the case in. A form of inland marine insurance, often on an allrisk basis, covering various kinds of equipment. Marine insurance is a safe haven for shipping corporations and transporters because it helps to reduce the aspect of financial loss due to the loss of important cargo. Although the term suggests ocean only, ships, yachts and other craft plying inland waterways are also eligible for this type of insurance. Statement type refers to the primary business type under which the company files its annual and quarterly. Readers are invited to contact fao with comments and suggestions which could be incorporated in any future edition of this publication. This is a glossary of shipping terms and marine terminology as it pertains to. They do not override or qualify any definition that appears in any lloyds byelaw or regulation, in any contract or in any other document. Liability arising from extremely dangerous operations. Glossary of marine insurance and shipping terms pdf.
The term property insurance includes many lines of available insurance. The british columbia statute is the insurance marine act, rsbc 1996 c. A collective term encompassing obligating documents for a loan, including any. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. This glossary lists frequently used terminology in an attempt to help the. As always, if you have questions regarding our coverages, please contact us. Policies are designed to provide protection for ships hull, cargo and liability. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.
Glossary of insurance related terms used by lloyds and market participants. Post office box 24348 seattle, wa 981244348 contact. The insurance handbook reflects this diversity of subjects and issues. Generalinsurancedefinitions institute and faculty of actuaries. Analysis of marine insurance excluded insurance ipleaders. An independent agent represents more than one company. Ocean marine insurance glossary word a policy for all types of watercraft, cargo and liability for marine related pursuits. Marine insurance bulletin 3 agreement was tainted by fraud were completely separate causes of action, or whether they were actually part of the same one.
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