Ocean Marine Protection And Indemnity Insurance
Definition of "Ocean marine protection and indemnity insurance"
Coverage for bodily injury and property damage liability excluded under standard ocean marine insurance. Coverage includes protection of wharfs, docks, and harbors; bodily injury; cost of removing the wreck if ship is sunk; and the cost of disinfecting and quarantining a ship.
Popular Insurance Terms
Insured, or an applicant for insurance, with lower expectation of incurring a loss than the standard applicant. For example, an applicant for life insurance who does not smoke can usually ...
Record of ordinary policies that a combination agent is responsible for servicing. ...
Professional designation conferred by the American College. In addition to professional business experience in insurance planning and related areas, recipients must pass national ...
Reinsurance clause that stipulates that the reinsurer will be subject to the same fate as the ceding company. ...
Return of a prorated portion of premium after a policy is canceled by the insurer. Under most property and liability insurance policies, the insurer can cancel at any time but must return ...
Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this ...
Losses representing claims not paid. ...
Home office underwriter who evaluates risk based on probability, statistics, and medical knowledge. ...
Arrangement in which a re insurer makes payments to an insurer whose losses exceed a predetermined retention level. Non proportional reinsurance is either facultative or automatic. ...
Have a question or comment?
We're here to help.