Increased Value Insurance – Cargo
Increased value insurance in marine cargo insurance, also known as duty and increased value (DIV) insurance, provides coverage for any increase in the value of cargo during the policy period
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Inflation Guard
Inflation guard is an optional coverage or feature offered with some insurance policies, particularly property insurance, that automatically adjusts the coverage limits to account for the increasing costs of repair or replacement due to inflation.
Inland Marine Insurance
Inland Marine Insurance is a type of property insurance that covers goods in transit over land, as well as property that is movable or has a transportation element.
Institute Cargo Clauses
The Institute Cargo Clauses (ICC) are a set of standardized clauses used in marine cargo insurance policies to define the scope of coverage and the risks insured against.
Key Man Insurance
Key man insurance, also known as key person insurance, is a type of life insurance policy that a business purchases on the life of a key employee.
Knock for Knock Agreement
When two vehicles insured by different insurers collide, a knock-for-knock agreement is a practice where each insurer pays for the Own Damage (OD) of its own policyholder, regardless of which party was at fault.
Legal Liability
Legal liability refers to the legal responsibility of a person or entity to pay for damages or losses caused to another person or their property.
Liability Insurance
Liability insurance is a type of insurance that protects individuals and businesses from financial losses if they are held legally responsible (liable) for causing harm or injury to others.
Limit of Liability
The limit of liability, also known as the coverage limit, is the maximum amount an insurance company will pay for a covered loss under an insurance policy.
Limit Per Bottom (Marine Insurance)
In marine insurance, the limit per bottom refers to the maximum amount an insurer will pay for a loss to a single vessel or conveyance in a single incident. This limit is particularly relevant for open cover or open policies, where multiple shipments are covered under a single policy, as it helps the insurer manage their accumulation risk and maintain financial stability.
Limit Per Location (Marine Insurance)
In marine insurance, the “limit per location” refers to the maximum amount an insurer will pay for a loss or damage to insured property that occurs at a single location. This limit is particularly relevant for open cover or open policies where goods may be stored or transshipped at various locations throughout their journey.
Loss Adjuster
A loss adjuster, also known as a claims adjuster or insurance adjuster, is a professional who investigates insurance claims to determine the extent of the insurer’s liability.