The insurable interest of the buyer of insurable property.

Taking steps to remove a hazard, engage in an alternative activity, or otherwise end a specific exposure.

One who acts on behalf of another. One whose actions can “bind” his principal. Specifically, a representative of an Insurance Company with authority to solicit coverage contracts.

A hirer of a vessel from the owner either for a period of time or for a voyage.

Insurance against business expenses and loss of income resulting from fire or other Insured Peril.

In maritime law, on the occurrence of a general average act the carrier has a lien on the cargo. To secure release of cargo, the cargo owner has to pay a deposit (usually a percentage of the value of his cargo) or alternatively produces an Insurer’s Guarantee of the eventual calculated contribution amount due by the cargo owner. At the time of payment of the deposit or production of the guarantee the consignee or cargo owner will be required to sign an Average Bond or “General Average Agreement” by which he agrees to the procedure for calculation of the general average adjustment and to pay his rateable proportion thereof. It is customary for the average bond or agreement to be countersigned by a guarantor or the consignee’s or cargo owner’s bankers.

Where a basic or deposit premium is paid at inception, the premium is adjustable at the expiry of the policy on the basis set out in the policy document.

A document issued to the Insured, certifying that insurance has been effected and that a policy has been issued.

Unlawful removal of property from premises, involving visible forcible entry.

(1) The arithmetic mean; (2) In marine insurance, loss or damage; or 3) In non-marine property insurance, where average is said to apply and there has been under-insurance, the insured’s claim is reduced in proportion to the under-insurance.