This means the vessel must be fully submerged.
Insurance Encyclopedia
Sunrise Clause
UK: A clause in casualty reinsurance contracts that provides coverage for losses reported to the reinsurer or the company, as applicable, during the term of the current reinsurance contract, but resulting from occurrences that took place during a prior period. Sunrise clauses are used to reactivate coverage that no longer exists due to the existence of a sunset clause. See Sunset Clause.
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REINSURANCE: A clause occasionally found in casualty reinsurance or claimsmade contracts that provides coverage for losses reported to the (re)insurer during the term of the current contract, but resulting from pre-inception occurrences. Sunrise clauses are used to reactivate coverage that no longer exists due to the existence of a sunset clause. (See SUNSET CLAUSE).
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UK: A clause that provides retroactive cover in respect of losses occurring before the inception of a (re) insurance contract.
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A clause in casualty reinsurance contracts that provides that the reinsurer will not be liable for any loss that is not reported to the reinsurer within a specified period of time (typically 5, 7 or 10 years) after the expiration of the reinsurance contract. See Sunrise Clause.
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REINSURANCE: A clause which restricts cover to claims notified during the period from the inception of a (re) insurance contract to a specified date after the expiry of that contract.
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Reinsurance or claimsmade policy clause restricting cover to losses reported within a restricted period after the expiry of the policy. The period may be short, a ‘mini tail’, e.g. 60 days, or longer, e.g. three years for certain reinsurance contracts. See EXTENDED REPORTING PERIOD.
Sunshine cover
Weather derivative based on the number of hours sunshine recorded in a given location over a specified period. Holiday resort businesses receive a payout when the recorded hours of sunshine are below the reference point and exceed the strike. See PLUVIUS POLICY.
SUP
the FSA’s Supervision manual
Super Tanker
The term super tanker are used for mammoth tankers of 75,000 to 150,000 DWT tons, 150,000 to 300,000 DWT tons and 300,000 DWT tons and over, respectively.
Superbill
See: multipurpose billing form.
Superbill (Health Insurance)
A document that lists every service provided by a certain doctor.
Superimposed major medical plan
Health insurance plan that has basic medical expense coverage plus benefits for expenses that go above this coverage.
Superintendent of insurance
A title given to the head of an insurance department in some states or provinces. The term “commissioner,” which refers to an equivalent position, is used more frequently.
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In some states the commissioner of insurance is known as the superintendent.
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MEDICAL, US: See: Commissioner of Insurance .
Superseded Surety Ship Rider
Endorsement attached to a new fidelity or surety bond which is taking the place of another expiring or cancelled bond, agreeing to pay losses that would be recoverable under the first bond had the first bond’s discovery period not expired. See Also: “Discovery period.”