Definition of "Sue and labor clause"
Angus Lamb, Real Estate Agent
Keller Williams
Section of ocean marine policy making it an obligation of the insured to take specific measures to limit losses to ship or cargo when a mishap occurs. Expenses incurred to limit physical damages, or to take legal action to protect the ship and its cargo, are reimbursed by the insurer to the extent they reduce the loss otherwise payable by the insurer, according to policy terms.
Have a question or comment?
We're here to help.