Theft on the high seas. Unlawful seizure of a ship and/or its cargo on the high seas. Usually covered by Ocean Marine Insurance.
Insurance Encyclopedia
Pirates
Persons attacking property at sea, including passengers who mutiny and rioters who attack a ship from the shore.
Pirates/piracy
An assault on a vessel, cargo, crew, or passengers at sea by marauders, who owe no allegiance to a recognised flag, acting for personal gain. It includes acts of rioters who attack a ship from the shore and passengers who mutiny. Piracy is insurable under the Institute War Clauses. The risk is a serious concern of the International Marine Bureau which has it own definition of piracy.
Pitching
Angular motion about transverse axis of ship on high seas.
Pivot Weight
The weight of a ULD above which a higher tariff applies; in effect, an incentive to maximize cargo density.
Pivotal age
Age for a contracted out pension scheme member when, and if, it is advantageous to return to the state second pension.