A pension benefit guaranty corporation that has been granted authorization to borrow from the United States Treasury. This is done through issuance of Treasury notes.
Tag: RAW
Boston plan
This is a plan under which insurers agree that they will not reject property coverage on residential buildings in a run-down part of town. Instead, they will accept the coverage until there has been an inspection and the owner has had an opportunity to correct any faults. Boston was the first city to originate such a plan, and many other cities have followed, including New York, Oakland, Cleveland, and Buffalo.
Boston plan (Property Insurance)
An ongoing plan under which insurers have agreed not to reject providing coverage to residences in slum areas. Coverage is extended until there has been an inspection and the owner has had a chance to correct imperfections. Called the “Boston plan” because Boston was the first to offer such a plan.
Both Sides Cover
See: After The Event Legal Expenses Insurance.
Both to Blame Clause
Under a contract of affreightment cargo is normally carried at the risk of the cargo owner who insures it. Where a collision between two ships damages the cargo, and both ships are to blame, the cargo owner will sue the third party ship owners who, by the law of some countries, can then recover part of the cargo claim from the carrier in whose ship it was carried. The Both to Blame Collision Clause in the contract of affreightment allows the ship-owner in these circumstances to obtain reimbursement from the cargo owner. The Both to Blame Collision Clause in a marine cargo policy indemnifies the cargo owner for such a payment.
Both to Blame Collision Clause
An Institute Cargo Clause indemnifying the cargo owner against the cost of reimbursing the shipowner who is compelled under foreign law to pay 50 per cent of a third party’s cargo loss to a third party shipowner following a collision in which both were blameworthy. Under US law the shipowners are held of equal blame and the cargo owner can recover in full from the third party shipowner who then recovers 50 per cent from the ship carrying the cargo. Provisions in the running down clause prevent the shipowner recovering in full under the hull policy, nor is the Protection and Indemnity Club liable, causing the shipowner to pass the risk to the cargo owner under the affreightment.
Bottom
The Vessel carrying the cargo that is the subject of the original Insurance.
Bottom limit
The maximum value at risk per shipment/sending/aircraft.
Bottom painting clause
An Institute Time/International Hull Clause relieving the insurer in all circumstances from the normal running costs of scraping or painting the vessel’s bottom.
Bottom Treatment, Marine Hull
The insurance does not pay for the cost of scraping or painting of the vessel’s bottom although damaged by a peril insured against. This is considered to be wear and tear and such expenses are regarded as essential and chargeable to running costs of shipping management.