Marine Liabilities : This is a specialized branch of marine insurance dealing with liabilities of various interested associated with shipping industry and maritime trade. Some of the common policies under this class of insurance are Charterers’ Liability, Stevedores Liability, Terminal Operators’ Liability and Freight Forwarders Liability.

Including the risks of theft, pilferage and/or non-delivery, fresh water and rain water damage, hooks, oils, mud, acid and other extraneous substances or heating and sweating and damage by other cargo. This clause, containing specific extraneous risks, is noised to extend the cover afforded by ICC (B) when required. Marine – cum – Erection All Risks Insurance (MCE) : Refer : “Engineering: Marine – cum – Erection All Risks Insurance (MCE).”

Marine Policy feature providing that no claims below a stated amount are to be paid by the Insurers but if the claims are above that amount the entire amount will be paid. This clause discourages the submission of small claims that cost more to process than the actual settlement amount.

Issued to provide automatic and continuous Insurance protection to a regular exporter/importer engaged in international trade. It is not a Policy and is therefore not stamped. It is an agreement, building in honors whereby the Insurer undertakes to insure all shipments declared by the insured and which come within the scope of the open cove. Once arranged, the insured is guaranteed protection on the agreed basis for all shipments falling within its provision, subject to declaration of full shipping details of each shipment.

Groups of companies acting in common to insure certain ocean marine classes. Also, a term used to describe groups that make inspections and surveys and institute standards for the construction of vessels.

Rule that states an unrestricted amount of qualifying property can be willed from the deceased to his or her spouse.

Under this type of trust, federal taxes on the estate are minimized and the surviving spouse is given full access to the family’s assets.

Crew members of vessels are subject to admiralty law and may sue their employers for work-related injuries because state workers compensation laws do not apply to them. Therefore, special coverage must be purchased for this exposure.

A maritime lawyer or admiralty lawyer deals with maritime law. This could involve collisions at sea, maritime torts, industrial torts, transactional law and environmental law.