A clause printed in red on marine cargo policies and certificates. Its purpose is to remind the Insured of the measures that need to be taken when goods are delivered damaged or are not delivered.

Waste material which cannot be absorbed by the surroundings in which it is discharged.

Liability insurance to indemnify professionals, doctors, lawyers, architects, etc. for loss or expense resulting from claim on account of bodily injuries because of any malpractice, error, or mistake committed or alleged to have been committed by the Insured in his profession.

Payment of an amount of money related to the amount of the loss to or on behalf of the Insured, upon the occurrence of a defined loss.

The person (or persons) whose risk of financial loss from an Insured peril is protected by the policy.

Any class of business which an Insurance Company will not insure under any condition.

(1) Restoring a lapsed policy and putting it back in force. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest.
(2) A practice whereby the amount which has been the subject of a claim is reinstated in the policy on payment of an additional premium, thus reverting the amount of cover which was reduced by the claim to the original sum insured.

The period during which the policy contract provides protection; e.g., six months or one or three years.

A formal statement made by the Insured to the Insurance Company regarding a loss. The purpose of the proof of loss is to place before the Company sufficient information concerning the loss, to enable it to determine its liability under the policy.

An Insurer who has reinsured his liability with another Insurer who then becomes the Reinsurer.