An increase in temperature which causes damage to marine cargo.

In marine insurance, an amount or percentage specified in the policy that must be reached before a claim is payable. Once the amount or percentage is attained, the claim is payable in full.

Where a ship registers with a flag of a country not requiring high standards of compliance to safety, inspections, surveys, etc. it is said to be registered with a ‘flag of convenience’.

Specified in the policy document. It is a promise by the Insured that a thing shall or shall not be done or that a state of affairs will or will not exist.

A specific situation that increases the probability of the occurrence of loss arising from a peril, or that may influence the extent of the loss. For example, accident, sickness, fire, flood, liability, burglary, and explosion are perils. Slippery floors, unsanitary conditions, shingled roofs, congested traffic, unguarded premises, and un-inspected boilers are also hazards.

“Free of particular average”. A term in marine insurance referring to a policy which does not cover particular average (i.e. partial) losses.

The absolute economic loss of wealth to the community caused by fire.

Authority given in writing.

When an insurance market develops a more selective attitude towards insurance contracts offered to it, it is said to be a “hardening” market.

A bill of lading which has been qualified by the carrier to show that the goods were not sound when loaded. Usually termed a “dirty” bill of lading.