Payment of an amount of money related to the amount of the loss to or on behalf of the Insured, upon the occurrence of a defined loss.
Payment of an amount of money related to the amount of the loss to or on behalf of the Insured, upon the occurrence of a defined loss.
A policy which provides cover for yachts (pleasure craft) in respect of own damage and third party liabilities. The terms of cover are usually based upon the Institute Yacht Clauses which are published by the Institute of London Underwriters.