Definition of "Sue and labor clause"

Angus Lamb real estate agent

Written by

Angus Lambelite badge icon

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Element used to adjust losses to reflect the incurred but not reported claim (IBNR) under the retrospective method of rating. ...

Death caused by a person without legal justification. Wrongful death may be the result of negligence, such as when a drunken driver hits and kills someone; or it may be intentional, as when ...

Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...

Circumstances that encourage the organization of pension plans by employers. For example, employer contributions are tax deductible as business expenses and not currently taxable income to ...

Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...

Insurance policy that differs from the standard form. ...

Same as term Deviated Rate: rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates ...

Actuary, appointed by the life insurance company, required by the national association of insurance commissioners (naic) under the naic: standard valuation law to provide an opinion as to ...

Type of pension in which benefits may vary depending on the investment performance of the pension plan assets. Contributions are made to fund a target benefit, such as 35% of compensation, ...

Popular Insurance Questions