An Insurer who enters into a contract with the Insured, agreeing to indemnify the Insured, subject to the limits of the contract, for losses incidental to a marine adventure.
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In marine insurance, a clause inserted in an open cover policy defining the basis of an acceptable Insured value in respect of shipments that are declared ‘late’. The basis normally includes the invoice cost of the goods plus insurance charges, freight and a fixed percentage representing the profit to the seller.