A term of sale meaning “free on board;” the seller’s responsibility for the goods ceases as the goods are loaded onto the overseas vessel for carriage overseas.

Occurs when the subject matter insured or part thereof is not exposed to risk. For example, a policy is effected to cover a marine shipment of 100 boxes but only 80 boxes are sent. The Insured is entitled to a refund of premium on the 20 boxes that were not exposed to risk.

Utilised in marine insurance for coverage on shipments of frozen meat. The clauses are not designed for the insurance of chilled, cooled or fresh meat, nor any frozen products other than meat.

Goods lost from a vessel which remains afloat.

A term meaning the “right of option” of an underwriter to decide (in insurance or reinsurance) whether or not to accept a risk.

A specialist form of clauses used in marine insurance to provide cover on shipments of all forms of frozen food, except frozen meat which has its own form of specific clauses.

A form of insurance designed to reimburse property owners from loss due to the defined peril of flood.

An American expression denoting the amount for which the Insurer is liable under the policy.

The general care, cleanliness and maintenance of an Insured property.

An Insurer who acts for other (re)insurers by issuing a policy in its own name, thereby holding itself directly liable for claims to the insured, although the liability of the Company is reinsured 100% with other insurers.