Both-to-blame Clause
In ocean marine insurance, provision stipulating that upon the collision of two or more ships, when all ships are at fault, all owners and shippers having monetary interests in the voyage of the ships involved must share in all losses in proportion to the monetary values of their interests prior to the occurrence of the collision. This clause supercedes all other provisions for the allocation of losses among owners and shippers in ocean marine policies.
Popular Insurance Terms
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Designation earned by passing 10 national examinations on subjects including mathematics of life and health insurance, actuarial science, insurance, accounting, finance, and employee ...
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