Money paid to a ship owner in compensation for delay of a vessel beyond the period allowed in a charter party when loading or discharging. In marine insurance the term is used to denote any loss of hire period incurred by the ship owner.
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Spendthrift Clause
A clause in most Life Insurance policies which prevents the creditors of a beneficiary from claiming any of the benefits payable to him before he actually receives the money. The purpose of this clause is to keep those to whom he is in debt from taking legal action to require the insurer to pay the proceeds directly to them.