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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Comprehensive Policy

Combination of several coverages to protect the insured. For example, the comprehensive health insur ...

Notice Of Nonresponsability

A clearly stated notice that an owner or operator will not assume responsibility for an inherent ris ...

Life Insurance

Protection against the death of an individual in the form of payment to a beneficiary usually a fami ...

Homeowners Insurance Policy

Package policy that combines coverage against the insured's property being destroyed or damaged by ...

Accrued Benefit Cost Method

Actuarial method of crediting retirement benefits earned and the costs associated with these earned ...

Tax Rate Schedule

Used to compute the tax on a specified taxable income. The marginal tax rate usually increases as th ...

Related Real Estate FAQ

What Is A Title?

A title is the right of property ownership. ...

What Is A Cap?

A limit on an adjustable-rate mortgage. ...

Why Do People Refinance?

People finance to obtain a new loan in order to pay off the existing mortgage or to gain access to t ...

What Should I Do If I'm In An Accident?

1.- Stay Calm. Determine the injuries and or damage. 2.- Call the police. File an accident report ...

What Is An Interest Rate?

An interest rate is the percentage the lender charges you for borrowing money. ...

What Is An Easement?

An easement is the right given by the landowner to use the property. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

5 U.S. Cities with the Best Public Transportation What do Real Estate Attorneys do? 10 Tips for Homebuyers What is Escrow and how does it Work? Short Sale Homes

FAQ

What is a term? What is a mortgage? What is an inspection? What is principal? When Should I Get Travel Insurance?