A place where vessel may receive or discharge cargo. A sea port is a facility to receive Water-borne vessels and to facilitate loading/unloading of cargo or embarkation/disembarkation of passengers on these vessels. The facilities by a sea port include berth/wharf/jetty, cargo handling equipment, storage area/godowns/warehouses/tanks, trucks, trailers etc for transit within the port, a harbor including a dock protection by breakwaters, a navigational channel, navigational buoys and other equipment, vessel traffic management system and dry dock/repair berth. In India there are two categories of ports. The 12 major ports are governed by the Indian Ports Act, 1908. In addition the State governments of Maharashtra, Gujarat and Tamil Nadu have set up their own State Maritime Boards for development and administration of their ports. The government owned ports work on a landlord-tenant model wherein all the services/assets are sub-contracted to tenants. The new facilities are also developed on a BOOT basis. Most of the private ports offer their own services and do not follow the landlord tenant model.
Insurance Encyclopedia
Port Authority
A Government Body (City, Country or State) which is international shipping maintains various airports and/or ocean cargo pier facilities, transit sheds, loading equipment warehouses for air cargo, etc. Has the power to levy dockage and wharfage charges, landing fees, etc.
Port Marks
An identifying set of letters numbers and/or geometric symbols followed by the name of the port of destination, which are placed on export shipments. Foreign government requirements may be exceedingly strict in the matter of port marks.
Port of Discharge
Port where vessel is off loaded and cargo discharges.
Port of Loading
Port where cargo is loaded aboard the vessel lashed and stowed.
Port of refuge expenses
Common form of general average expenditure arising when a ship enters a port of refuge following a casualty or general average damage to the ship. If the entry is due to accidental damage, only the expenses of entry into port and dis charging the cargo, if necessary for the purpose of repairs, are allowed in general average. If entry follows general average damage, the following are also allowed: warehouse rent during repairs; cargo reloading costs; outward port charges.
Port Package Insurance
A port package policy would cover, Section 1 Property damage, Real property – All accidental loss and damage including flood, earthquake, tsunami, impact damage from vessels, SRCC and Terrorism (excluding WAR), costs and expenses of removal of wreck. Main exclusions are defects in design, manufacture, mechanical electrical breakdown, explosions, release of safety valves, war, wear and tear, inherent vice, latent defect, error in design, faulty workmanship, seepage and backing up of sewers/drains.Handling Equipment -All accidental loss and damage including flood, earthquake, tsunami, impact damage from vessels, SRCC and Terrorism (excluding WAR), costs and expenses of removal of wreck. Main exclusions are war, wear and tear, inherent vice, latent defect, error in design, faulty workmanship, seepage and backing up of sewers/drains, electrical/mechanical breakdown of alarm systems, communication equipment, computers etc.Section 2 (i)Business Interruption (ii) Port blockage – Cover loss of standing charges arising out of a loss in Section 1. Section 3 Customer liabilities and third party liabilities – (i) customer liability (ii) third party liability (iii) liability for errors and omissions (iv) liability for fines and duties (v) removal of wreck (vi) cost for pollution, cleanup and containment.
Port risks insurance
‘All risks’ cover for vessels laid up in the sheltered location for an extended period or for smaller vessels working only in and around the port.
Portability
Insurance plan provision that allows access to health care so that an insured does not lose insurance coverage because of a change in health, employment, marriage, or divorce. Insurance benefits may be transferred from one employer to another or from an employer to a personal policy.
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UK: The ability of a pension scheme member to take his accrued pension entitlements with him from one job to another. This obviates the need to change policies and incurs only the minimum penalties.
Portable unit
See: mobile facility.