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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The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
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