A policy which provides cover for yachts (pleasure craft) in respect of own damage and third party liabilities. The terms of cover are usually based upon the Institute Yacht Clauses which are published by the Institute of London Underwriters.

The practice of removing goods from a cargo container; sometimes termed ‘stripping a container’.

A vessel sunk in a harbour or some other place where it is a danger to shipping, may be marked, lighted or destroyed by the Authorities, and the cost of so doing charged to the owner of the vessel. Where a marine hull policy covers P&I risks, the Insurer will reimburse expenses for removal of wreck.

The insurable interest of the seller of the goods covered by a marine cargo insurance policy.

The fee payable to a surveyor for his services in carrying out a survey and issuing a survey report.

The continuation, in full force and effect, of something that is about to expire. With an insurance policy it is made either by the issuance of a new policy or renewal receipt or certificate, to take effect upon the expiration of the old policy.

Instituting proceedings at law to pursue an action against a party to settle a dispute. In the absence of any provision to the contrary, a suit can be served under any jurisdiction.

A competent person with knowledge and skill to carry out a survey on insured property that has been damaged, and to produce a survey report.

In cargo insurance covering machinery, this clause provides that, in respect of damage, the Insurer’s liability is limited to replacing and fitting the broken part.

A provision in an insurance policy stating the jurisdiction that the Insurer agrees to accept for service of suit representing either money or other property. It includes stamps, tokens and tickets, but does not include money.