Those other than the crew using force or violence to steal a ship or its cargo. Such action is an insured peril under an Ocean Marine contract.

An intentional, unlawful threat of bodily injury to another by force, or force unlawfully directed towards the person of another, under such circumstances as create well-founded fear of imminent peril, coupled with apparent present ability to execute the attempt; battery consists of the actual execution of the act offered in an assault – hence, the placing of the victim in fear (assault) and the actual infliction of the injury (battery) constitute what is commonly referred to as assault and battery.

A characteristic of some insurance policies in which policyholders are obliged to pay money, in addition to premiums, if the insurer experiences losses.

Insurance to which the policyholder may be required to contribute in the event the company becomes unable to pay its losses; confined to certain mutual companies.

Insurance under which each loss payment is dependent upon the collection of assessments from Policyholders. Assessable Insurance is usually associated with a fraternity, society or association that increase the required payments from all Insureds whenever necessary to meet claims.

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A policy under which a first premium is assessed and a second premium may be assessed later if the insurance company’s losses exceed their premium income.

The value assigned to property by a government entity. This is done to establish the amount of taxes due on this property.

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A value set upon real estate by Government assessors for the purpose of assessing taxes.

An insurer who may charge insured parties extra if the premiums already paid are not enough to cover their operating costs.

A system of insurance whereby premiums are not fixed in advance but are calculated each year on the basis of the sum needed to maintain the insurer’s solvency in the light of the claims payable and the insurer’s expenses.

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A policy wherein extra costs can be assessed to the policyholder should the insurer’s loss experience be worse than expected.

An insurance company owned by its policyholders that issues policies under which the policyholders may be assessed for losses and expenses.