Navigation Risk Insurance

Definition of "Navigation risk insurance"

Coverage during the operation of a ship for: Property of Ship (ship's hull, tackle, passenger fittings, equipment, stores, boats), and ordnance; Property Damage Liability (ship's owner and/or operator is protected if the ship collides with another, causing damage and loss of use). Excluded is liability to the owner and/or operator for damage to piers, wharves, bodily injury, or loss to the insured ship's hull and/or cargo (this coverage amount is in addition to the amount of coverage on the insured ship's hull and cargo); and Bodily Injury Liability Insurance.

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

Reinstatement of an insurance policy or bond to its original face amount (face of policy) after the payment by the insurer of a loss. The purpose of this type of coverage is to indemnify ...

Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the ...

Sum provided by a disability income insurance that pays a multiple of the monthly indemnity to cover the costs associated with a retraining course attended by the insured wage earner when ...

Market in which buyers dominate trading and force financial asset prices up. ...

Social insurance that provides benefits to temporarily disabled workers in a few states. Five states require employers to pay cash benefits if workers are disabled. They are Rhode Island, ...

Association of life insurance companies focusing on legislation and public relations that may affect the life insurance business on federal, state, and local levels. Membership is composed ...

Method of calculating the life insurance policy's cash surrender value (CSV) not contingent upon the calculation of the policy's reserve such that the CSV will approximate the asset share ...

Trust under which the beneficiary (cannot be a charitable beneficiary) receives a fixed percentage (not less than 5% of the trust's annual value) of the net fair market value of the trust ...

New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...

Popular Insurance Questions