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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Life Insurance provided for members of a group. It is most often issued to a group of employees, but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased and measures taken against adverse selection are effective. See also Franchise Insurance and True Group.