An insurance contract that accepts a ship or its cargo as collateral for a loan funding a maritime voyage. In the event the ship is lost at sea, the loan is cancelled and the borrower is not obligated to repay the lender.
The Rantings of the barely human.
An insurance contract that accepts a ship or its cargo as collateral for a loan funding a maritime voyage. In the event the ship is lost at sea, the loan is cancelled and the borrower is not obligated to repay the lender.