Peers, Wharves, Docks, And Slips Insurance
Definition of "Peers, wharves, docks, and slips insurance"
Coverage in the event of damage or destruction resulting from collision by a vessel or high waves. Excluded are fire, lightning, windstorm, earthquake, and explosion, since these perils are included under the Standard Fire Policy and the other business property policies. Piers, wharves, docks, and slips were the few properties that could be covered for flood damage under commercial insurance prior to passage of the Natural Disasters Act of 1968, of which the Federal Flood Insurance Program is a part.
Popular Insurance Terms
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Provision of a reinsurance contract that states that the reinsurance company remains liable for its predetermined share of a claim submitted by an insured, even though the primary insurance ...
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