The maximum amount which an Insurance Company agrees to pay in case of loss.

A hidden flaw or defect which is not readily discoverable by a competent person using reasonable skill in an ordinary inspection.

This term means that the proposer must stand to lose something if the property at risk is lost or damaged, or stands to gain by its continued existence or safety.

A vessel engaged on a regular run and keeping to a time schedule. The liner is considered to be a better risk than a “tramp”, which is a vessel not engaged on a regular run.

Charges payable on cargo at the port of destination.

The standard Institute Cargo Clauses incorporate a clause which excludes any loss caused by insufficiency of packing or preparation of insured goods for transit.

In a marine cargo open cover, the limit of an Insurer’s liability on the value of cargo to be carried by any single vessel.

A measurement of speed. One nautical mile per hour, a nautical mile measuring 6,080 feet.

Independent checking on facts about an applicant or claimant, usually by a commercial inspection agency.

A legal right whereby a person may prevent another from taking possession of property until the other person has satisfied a liability due to the other person with the lien.