Additional premium payable on a marine insurance open cover or policy when the insured goods are carried on a vessel which does not come within the scope of the Institute Classification Clause, usually because it is too old.
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Guaranteed Renewable
A contract that the insured has the right to continue in force by the timely payment of premiums, for a substantial period of time as set forth in the contract. During that period of time, the insurer has no right to make any change in any provision of the contract other than a change in the premium rate for all insureds in the same class. Contrast with Non-cancellable, from which Guaranteed Renewable should be distinguished.