Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Choice among the following options made by retiree prior to retirement concerning the distribution of benefits: option since all income payments cease upon the death of the retiree. Monthly ...

Action (s) that the insured must take, or continue to take, for the insurance policy to remain in force and the insurance company to process a claim. For example, the insured must pay the ...

Process of the continual reinsurance of a ceding company's portfolio of insurance policies. All premiums that have been ceded become earned premiums. ...

Financial instrument established irrevocably for a minimum of 10 years, after which the principal reverts to the grantor upon termination of the trust. A key feature is that earnings from ...

Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained ...

Measurement of income received by households from employment, self-employment, or investment and transfer payments, as provided monthly by the United States Department of Commerce. ...

Re-registration of existing shares when there is any change in the name of the owner (s). Such a circumstance may occur when the owner (s) of the shares gives these shares to another ...

Federal agency that regulates commerce across state lines. The ICC does not oversee insurance, which is subject to regulation by the states according to Public Law 15, McCarran-Ferguson ...

Written agreement attached to a policy to add or subtract insurance coverages. Once attached, the endorsement takes precedence over the original provisions of the policy. For example, under ...

Popular Insurance Questions