A clause whereby cover excludes partial losses unless the vessel has been stranded, sunk, burned or in collision with another vessel regardless of whether such losses were actually caused by these perils. This ‘major casualty’ partial loss insurance is the substance of Institute Cargo Clauses (C) used particularly for bulk cargoes such as grain.
Insurance Encyclopedia
Free in and Out (FIO)
Cost of loading and unloading a vessel is borne by the charterer.
Free Limits
(i) The geographical area within which the holder of a Health Insurance policy is covered without payment of additional premium. (ii) Limits of amount up to which an insurance cover will be granted automatically.
Free look
Period of time, usually 30 days, when an individual can try out a Medigap policy. During that time, if the individual changes his or her mind about keeping the policy, it can be cancelled and any money paid is refunded.
***
A period of time (usually 10, 20 or 30 days) during which a policyholder may examine a newly issued individual policy of life or health insurance, and surrender it in exchange for a full refund of premium if not satisfied for any reason.
Free look (Health Insurance/Life Insurance)
A specified time frame during which the insured may scrutinize a recently purchased policy and relinquish the policy if he or she finds it unacceptable. This time frame is often between ten and 30 days.
FREE LOOK PERIOD
A period of up to 30 days during which the purchaser of an insurance policy has the opportunity to study the terms and conditions of the policy and decide to cancel without any penalty. Duration of the free look period varies by state and by type of coverage. For example, the free look period for health insurance is usually 10 days and the free look period is often 30 days for property and liability insurance.
Free of capture and seizure clause (FC & S)
War peril exclusion under SG policy. The War Exclusion Clause is now integral to the Institute Cargo Clauses and the International Hull Clauses.
Free of capture and seizure clause (Property Insurance)
A clause stipulating that losses stemming from war, seizure, or takeover are excluded from the policy.
Free of Charge
The Insurer allows no discount.
Free of Particular Average
Phrase describing an ocean marine Policy on a cargo or vessel which excludes (or frees the Insurer from paying) particular averages, obligating the Insurer to pay only General Averages (refer “average, particular” and “average, general”). Some policies exclude only particular averages which are less than a specified percentage of the value of the insured cargo or vessel, thus providing coverage for large particular averages (as well as for all general averages). There are two types of particular averages clauses: (i) free of particular average-American conditions (EPAAC) and (ii) free of particular average-English conditions (FPAEC). These clauses modify the basic free of particular average clause by restoring in full particular averages caused by certain perils.
***
A clause, usually found in a marine insurance contract, that states losses less than certain amounts are not covered. This is essentially the same as a deductible.