Marine cargo clause limiting liability on a claim to payments for reconditioning of the cargo, the cost of new labels and re-labelling.
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This clause protects the insurer in case where the material inside is intact but the external wrappers or labels are defaced, damaged or stained. In such cases, insurer’s liability is restricted to the cost of replacement of the labels or wrappers and reconditioning the goods but a total loss cannot be claimed by the assured. This clause is more relevant when the assured is a manufacturer himself and in case of loss of or damage to labels on his manufactured items, can re-label them.
Insurance Encyclopedia
Labor and Material Bond
A bond furnished by a contractor which guarantees that he will pay for the labor and materials used in a particular project. It relieves the owner of the project from possible liability because of non-payments by the contractor.
Laboratory report
Clinical record that indicates the findings after physical and chemical analysis of specimens.
Labour gangs
Gangs of individuals whose leader, the labour master, negotiates work and payment with employer. The work is usually casual in the construction industry, agriculture or horticulture. As the gang usually works alongside the employer’s staff, they are brought within the employers’ liability policy definition of employees’. The definition includes: ‘labour masters and persons supplied by them…
Labour-only sub-contractors
Sub-contractors, often in the building trade, who contract to supply work not materials. They are within the employers’ liability policy definition of ’employees’ similar to labour gangs.
Laches
Legal term for unreasonable delay in enforcing an equitable right.
Lag study
Report assembled by managed care plan managers to show how long insurance claims are pending and how much money is paid or expended each month.
Lagan
Cargo or equipment to which an identifying marker or buoy is fastened, thrown over-board in time of danger to lighten a ship’s load. Under maritime law if the goods are later found they must be returned to the owner whose marker is attached, the owner must make a salvage payment.
Land Contract
A type of instrument used in connection with the sale of real estate. It differs from a mortgage in that title to the land remains with the seller until the buyer has completed the payments, though possession rests with the buyer. Superficially, a land contract is the instrument that conveys the deed of land from one person to another person upon full payment of the stated purchase price.
Land Risks
Insurances relating to land based property. In respect of these commercial insurers do not grant war risk cover.