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Strikes Clauses (Cargo ) 2009

Strikes Clauses: This insurance covers loss of or damage to the subject-matter insured caused by strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions, any act of terrorism being an act of any person acting on behalf of, or in connection with, any organization which carries out activities directed towards the overthrowing or influencing, by force or violence, of any government whether or not legally constituted, any person acting from a political, ideological or religious motive. Strike clauses only cover physical damage arising from the specified perils and not losses arising from delay or interruption of the transit. Two additional exclusions help to make this clear. (1) loss damage or expense arising from the absence shortage or withholding of labour of any description whatsoever resulting from any strike, lockout, labour disturbance, riot or civil commotion (2) any claim based upon loss of or frustration of the voyage or adventure. Duration (transit) clause is the same as under ICC-A, B or C.

Strong Gale

Wind having a speed ranging fro 31 to 47 knots (47 to 54 miles per hour, 76 to 87 kilometers per hours, according to Beaufort Scale. On the water high waves (23-32 ft), sea begins to roll, dense streaks of foam, spray may reduce visibility. On land Slight structural damage occurs, slate blows off roofs. Also refer, Gale.

Strtured settlements

Arrangement between the claimant and the defendant’s liability insurer whereby the lump sum payment for future losses is replaced by periodic payments for a fixed period or until the claimant’s death. They may be index-linked, varied or ‘structured’ during the period. The insurer uses the ‘lump sum’ to buy an annuity that funds tax-free payments to the claimant. The court has no power to order such a settlement (Damages Act 1996, s.2).

Structured settlement

UK: a method of settling claims in respect of damages for personal injury under which the casualty insurer, instead of paying a lump sum to the plaintiff, makes a series of periodic payments which are usually funded by the purchase of an annuity on the life of the injured person.
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MEDICAL, US: Agreement to pay a specific amount at regular intervals instead of a lump sum payment.
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An alternative to lump-sum settlement of bodily injury liability claims or court verdicts. The claimant is paid specified sums at specified intervals as compensation for loss of income, medical and rehabilitation expenses, and pain and pain and suffering until a designated future date (possibly the claimant’s death). Many structured settlements are financed through insured annuities, and payments can be adjusted for changes in price levels or in the claimant’s situation.

Structured Settlements

The settlement of a casualty or workers’ compensation claim involving periodic annuity payments over an extended period of time, rather than in one up-front, lump sum cash payment. There may be certain advantages to a claimant under a structured settlement, including tax treatment of interest under the Internal Revenue Code, that are not present under a lump sum cash settlement. Structured settlements are designed to guard against the early dissipation of settlement proceeds by recipients, who are often minors or those in need of life-time care as a result of their injuries.

SU

HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating procedure performed in a physician’s office (to denote use of facility and equipment).