Failure to use that degree of care which an ordinary person of reasonable prudence would use under the given circumstances. Negligence may be constituted by acts of either omission or commission or both.

Perils of the seas and incidental thereto.

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.

Named perils are the specific dangers a policy insures you against – such as fire, windstorm, and hail in a homeowner’s policy, for example. These perils are “named” or listed in the policy.

One who accepts liability for marine losses.

Report on the amount or weight of cargo discharged from a ship either on a daily basis or on the whole outturn.

The first person in whose name the insurance policy is issued.

A contract of marine insurance is concluded between the parties when the proposal is accepted by the Insurer. However, the contract is inadmissible as evidence into a court of law unless it is embodied into a marine policy.

Claims which have been provisionally advised by the Insured(s), but which are in the process of investigation and thus have not been settled.

A document which authorizes payment of an agreed sum of money to the person named therein.