A market understanding whereby Underwriters cover goods against war risks only whilst they are on the overseas vessel. This rule is relaxed only in the case of goods in a transhipping port fo [..]

Marine term referring to damage to baled or bagged goods (e.g. cotton) caused by excessive moisture from damp ground or exposure to weather, or by grit, dust or sand forced into the insured p [..]

Used in cargo open covers this limits Underwriters' liability in any one location.

Giving up the proprietary rights in insured property to the Underwriter in exchange for payment of a constructive total loss. ACCIDENT

A form of health insurance against loss by bodily injury. ACCOUNTS RECEIVABLE POLICY

A flood, an earthquake or other accident or event that is without any human intervention and that could not have been prevented by reasonable care or foresight but is the result of natural ca [..]

Occurs when: (1) the insured property is completely destroyed or (2) the Assured is irretrievably deprived of the insured property or (3) cargo changes in character so that it is no longer th [..]

An individual representing the insurance company and acting for the company in working on agreements as to the amount of a loss and the liability of the company in same. ADVERSE SELECTION

Insurance against loss or damage to property arising from any fortuitous cause, except such as may be specifically excluded. APPRAISAL

The passing of beneficial rights from one party to another. ASSIGNED RISK