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.

Inevitable loss in volume of cargo during the period of cover under marine cargo insurance.

Coverage on the risks associated with driving or owning an automobile. This may either be third party liability only or may include comprehensive cover.

A statement of condition, or balance sheet account set up by an Insurer, based on its expectations about future insurance claims. As claims occur they are charged against this reserve.

Goods covered under a marine policy must be carried by a customary method of carriage, and the transit must be conducted by the most direct route to the specified destination without unreasonable delay.

The onus of proof of claim lies with the claimant, who must prove his loss in terms of the right to claim and the quantum of the claim.

The debtor who receives money and in turn grants a lien on his property as security for a loan.

Coverage to compensate an Insured for the loss of use of property if it cannot be used because of a peril covered by the policy.

A clause in a marine cargo Open Cover limiting the insurers’ liability on property in one location prior to shipment.

(See ‘Open Cover’).