Yacht Insurance
Definition of "Yacht insurance"
Coverage for fire and explosion, against fire and any damage caused by explosion whether or not fire ensues, and whether or not an explosion occurs on- or off-board; sinking from floating debris, sunken hulks, and reefs; stranding against sand bars and filled channels resulting in salvage costs, material and labor expenses to refloat and repair a yacht; collision causing legal liability for damage to another vessel; assailing thieves (theft by forcible entry); and jettison and barratry of mariners or masters. Coverage for liability for bodily injury and loss of life is available through ocean marine protection and indemnity insurance.
Popular Insurance Terms
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
Specific powers that a prospective insured believes the insurance company has granted to its agent. For example, if the insurance company has furnished the agent a rate book, application ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Additions of new entrants into an employee benefit insurance plan. ...
Percentage of total assets set aside by an insurance company to provide for unexpected losses. In general, a minimum of a 5% surplus ratio (5 cents in reserve for each $1 of assets) is ...
Coverage in which the face amount of a life insurance policy declines by a stipulated amount over a period of time. For example, the initial face amount of a $100,000 decreasing term policy ...
Method of terminating a split dollar life insurance policy in which the company transfers its interest in the life insurance policy to the insured employee. Through such a transfer, the ...
Legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment (s) the ...
Coverage for personal property of a manufacturer on an all risks basis when that property is off the manufacturer's premises. ...
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