Cost of loading and unloading a vessel is borne by the charterer.

(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.

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.

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.

A clause stipulating that losses stemming from war, seizure, or takeover are excluded from the policy.

The Insurer allows no discount.

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.
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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.

A Marine Insurance Expression. Where it is used insurers are not liable for partial damage unless (a) the vessel in which the cargo is carried is stranded, sunk or burnt, or (b) an insured package is totally lost in the loading, transshipment or discharge or the loss or damage is attributable to fire, explosion or collision or impact of the vessel with an external substance other than water.