A sue and labor clause imposes a duty on the insured to take reasonable steps to protect insured property in the event of actual or, in some cases, imminent, covered damage. In turn, the insurer will provide reimbursement for the insured’s expenses under appropriate circumstances.

What is rundown clause?

Running Down Clause — an ocean marine hull policy clause adding legal liability coverage for damage done to another ship or its cargo resulting from a collision with, and caused by, the insured vessel.

What is sister ship clause?

Sistership clause is a provision in the hull policy which is beneficial to the Assured. In the event of a collision between two vessels owned by the same Assured, the sistership clause confers on the Assured the same rights as if the two vessels were separately owned and separately insured.

What does the hull policy cover?

The Hull policy provides coverage for physical loss or damage to scheduled vessels hull and machinery. The Hull policy provides coverage for loss to vessels hull and machinery.

What is a general average clause?

In insurance: General average clause. The general average clause in ocean marine insurance obligates the insurers of various interests to share the cost of losses incurred voluntarily to save the voyage from complete destruction.

How does general average work?

The law of general average is a principle of maritime law whereby all stakeholders in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.

What is both to blame collision clause?

A both-to-blame collision clause is an insurance policy clause that says both vessel owners must share in the responsibility of a collision between ships if the crash was due to negligence. Marine insurance coverage includes such actions as ship sinking or collisions but does not cover wear and tear or war.

What does protection and indemnity cover?

Subject to exclusions and conditions, the typical P&I policy covers loss of life, injury and illness of crewmembers, passengers, and other third parties, damage to cargo on board the vessel, damage to other floating objects not caused by collision, wreck removal costs, collision liability, damage to fixed objects.

What sistership means?

: sisterhood. sister ship. noun (2) Definition of sister ship (Entry 2 of 2) : one of two or more essentially similar ships usually built from the same general plans.

What is the ice clause?

A standard clause in vessel chartering, dictating the course that a vessel master may take if the ship is prevented from entering the loading or discharge port because of ice, or if the vessel is threatened by ice while in port.