Cargo insurance clause in open covers limiting cover at any one location during transit when the goods are not on the oversea vessel. Shipments may accumulate at one port and the clause limits the insurer’s liability to an amount for any one loss in any one location.
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A clause in cargo open cover or floating Policy which limits Insurance cover whilst goods are accumulated in one location.
Insurance Encyclopedia
Location code
See: place of service (POS) code .
Location Limit
A limit in an open policy on Marine Cargo restricting the liability of the insurers on cargo in any one location before shipment.
Location-selling distribution system
Distribution of insurance products by finding insurance offices and agents in locations where consumers commonly shop for groceries or take care of other personal or business matters. Also known as retail outlet distribution system .
Lock-in
In managed care plans and health maintenance organizations, a provision in which members must receive their medical care from the network providers unless it is an emergency.
logical observation identifiers names and codes (LOINC)
Code system that consists of universal names and identification codes that identify and are used to report laboratory and clinical observations. It is maintained by the Regenstrief Institute. These codes are expected to be used in the HIPAA claim attachments standard. Also see Regenstrief Institute .
Lok Adalat (Settlement of Motor Accident Related Cases through alternative forum)
The legal Services Authorities Act, 1987 provides for organizing of Lok Adalat by the Legal Services Committees at various levels to determine and arrive at a compromise or settlement between parties to a dispute in respect of any case pending before any court for which the Lok Adalat is organized. The Insurance industry has also established Claims Conciliation Committees and Jald Rahat Yojana which enables negotiated settlements. The award by these would not carry any interest. Thus, the settlement through the above enable the companies to save the interest and administration charges.
London & International Insurance Brokers’ Association (LIIBA )
LIIBA is the trade association representing the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets. LIIBA’s Mission is to ensure that London remains where the world wants to do business by continuing the transformation of market processes and maintaining the highest professional standards.
London Insurance and Reinsurance Market Association (LIRMA)
Association that used to represent reinsurance companies as well as insurance companies that did not market marine insurance. LIRMA and the Institute of London Underwriters shared the same facility for processing policies and claims. The IUA was formed in January 1998 from the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU). See Also: “International London Underwriters Association of London.” Also, See Also: “Institute of London Underwriters.”
London insurance market
Rarely defined, but usually means the international insurance business written in London. It consists of: 1. Home foreign, namely direct overseas business written in the UK. 2. International reinsurance (large volumes of business generally come from the US). 3. Marine and aviation. 4. US excess and surplus lines business. London market premiums earn a gross income about equal to that derived from UK ‘domestic’ commercial business and UK personal lines business.