An exclusion clause in marine cargo insurance which relieves the insurer from liability where loss, damage or expense arises from insolvency or financial default of the owners, managers, charterers or operators of the vessel carrying the insured goods.

A guarantee to the ship owner in writing from an insurer, bank or other party, to pay the amount of the adjusted contribution of the cargo owner.

An insurance policy itself, or riders and endorsements attached to it.

Insurers are liable for losses proximately caused by an insured peril. Fear of a peril does not constitute a peril so that Insurers are not liable for a loss caused by an uninsured peril, even though the loss would not have arisen but for fear of an insured peril.

Certain causes and conditions, listed in the policy, which are not covered.

Payments made “out of pocket” by the master or ship owner in connection with running the vessel.

To insure.

A term used to identify a particular section of a policy or endorsement.

Losses that are specifically excluded from the policy cover.

An injury or impairment of faculty which prevents the injured person from performing certain functions of his/her occupation.