Running Down Clause
Definition of "Running down clause"
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability for damage to the other vessel, its freight and cargo, and for lost income to the other vessel's owner during the time it cannot be used.
Popular Insurance Terms
Unit of the life office management association (LOMA), which prepares and administers educational materials for the Fellow Life Management Institute (FLMI) Program. Upon successful ...
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Coverage for exposures that exhibit a possibility of financial loss. ...
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Insurance policy sold by nonadmitted insurer. ...
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