Generally refers to (1) the amount of reduction in the value of an Insured’s property caused by an Insured peril; (2) the amount sought through an Insured’s claim; or (3) the amount paid on behalf of an Insured under an insurance contract.
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A clause in a marine insurance policy whereby the insurer accepts liability for charges incurred by the insured in seeking to preserve his property from loss, or to minimise a loss that would be covered by the policy. The insured is said to sue and labour for the protection of his property.