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Timber Trade Clauses

Separate types of covers are available in respect of timber (i) stowed on deck and (ii) whilst not stowed on deck, respectively. Risks covered for timber stowed on deck is similar to the cover afforded under ICC (B) except that theft and non-delivery and malicious acts are also covered under the timber clauses. Amongst some risks that are not covered are earthquakes, volcanic eruption or lightning and overturning and derailment of land conveyance. Timber whilst not stowed on deck is covered against all risk of loss or damage except risks expressly excluded. Insurance attaches after loading on land and/or water conveyances or their floating at the mill, warehouse, factory, yard or premises whosoever, from which the dispatch of the overseas vessel made, continues during journey and transshipments and terminates as per provisions of ICC – A. Each B/L to be deemed a separate insurance.

Time & distance

a form of reinsurance that includes a timing risk, that is the risk that the reinsurer might become liable before sufficient funds had accumulated to meet the liability; an early form of financial reinsurance and arguably not insurance at all.

Time and Distance Policies

Discounting mechanism using an aggregate excess of loss cover. The reinsurer agrees to pay the cedant a fixed schedule of payments at future dates in return for an initial premium representing the net present value of the scheduled losses. The contracts are a form of financial reinsurance with little or no risk transfer. The principal uncertainty is date of settlement and this makes the arrangement attractive to long-tail insurers.

Time and Distance Reinsurance

A type of financial Reinsurance, which had widespread use in the London Market and Lloyd’s, whereby an insurer pays a single premium in return for a fixed schedule of future payments matched to the estimated dates and amounts of the insurer’s claims outgo. The purpose of such contracts was to achieve the effect of discounting in arriving at the reserves for outstanding claims. Since Lloyd’s changed its rules so that the credit allowed for tie and distance policies in a syndicate’s accounts was limited to the present value, such policies have become less popular.

Time deductible/excess

An excess or deductible expressed in terms of hours or days as opposed to a monetary amount. Under an engineering consequential loss policy it is customary to exclude the first 24 hours (or some other period) of any period of interruption following damage to or breakdown of plant or machinery.

Time Element Insurance

Insurance covering loss of revenue or the incurring of extra expenses as a result of damage or destruction by an insured peril. The amount of the insured loss depends on the length of time required to resume normal operations after the property damage and the amount of revenue lost and extra expenses incurred during this time.