This does not replace the normal policy claim deductible and is supplementary thereto. When a loss occurs, the normal policy deductible is applied. If a balance remains after applying the policy deductible, this net amount is applied to the AAD. If it is less than the AAD no payment is made to the Insured and the item is held in suspense until the next claim arises, if any. This procedure continues until the aggregate of the items held in suspense reach the AAD. Thereafter, the policy reverts to a contract without an AAD; subsequent claims being subject only to the normal policy deductible and being settled for the amount by which they exceed the policy deductible.

Liability to other motorists, pedestrians and property owners that you assume when operating your automobile on a public roadway.

Transport abbreviation meaning “Collection and delivery”

In marine insurance, a clause inserted in an open cover policy defining the basis of an acceptable Insured value in respect of shipments that are declared ‘late’. The basis normally includes the invoice cost of the goods plus insurance charges, freight and a fixed percentage representing the profit to the seller.

The Insurance Company’s total liability at a specific location.

Conditions under which a charterer hires a vessel.

Termination of an insurance coverage during the policy period by the voluntary act of the Insurance Company or Insured, effected in accordance with provisions in the contract or by mutual agreement.

The standard charge for a given type of risk.

Coverage against loss or damage from all perils except those specifically excluded.

The hiring out of a ship on charter, either voyage or time.