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
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one in which the amount and frequency of payment may fluctuate. ...
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Date at which insurance protection begins. ...
Statutory surplus plus the interest maintenance RESERVE plus the ASSET VALUATION RESERVE. ...
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