A clause in a Marine Hull Policy which covers numerous perils, among them negligence of the master, officers or crew. It imposes an excess in some circumstances and makes a proviso that damage, to be covered, must not result from want of due diligence by the insured, the owners or the managers of the vessel.
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See: INCHMAREE CLAUSE.
Tag: RAW
Negligent misstatement/statement
Misleading statements made in circumstances in which a duty of care exists.. They often cause ‘pure’ economic loss (i.e. financial loss unconnected with physical injury or damage). Claimants, not in a contractual relationship with professionals, must establish a tort liability on the basis that the defendant breached a duty of care causing loss. This is the only certain circumstance in which the law recognises a liability for pure economic loss in negligence. The basis of liability has been that the person making a statement outside a contract has ‘voluntarily assumed the risk’ and, having done so, must exercise reasonable care. See NEGLIGENCE; PROFESSIONAL INDEMNITY INSURANCE.
Negotiable instrument
A written paper that may be transferred to another freely in the course of business.
Neighbor Principle of Lord Atkin’s
A general duty of care is owed to all legal neighbors’, those so closely and directly affected by an act or omission that they ought reasonably to be in contemplation at the time that the tort is committed.
Neon Sign Insurance
Insurance Policy to provide indemnity for loss or damage to the Neon Singh installation or any part thereof by accidental external means, by Fire, lightning, external explosion or theft. The Policy may also be extended to cover Act of God perils as also liability to third parties. However, losses due to fusing or burning out of any bulbs and/or tubes from short circuiting, repair, cleaning, removal or erection, wear and tear, depreciation or deterioration, damages to tubes unless the glass is fractured, atmospheric conditions, consequential loss, natural risks etc are not covered.
Nested
Three or more different sizes of an articles are placed within each other so that each article will not project above the next lower article by more than 33-1/3% of its height.
Nested Solid
Three or more different sizes of an articles are placed within each other so that each article will not project above the next lower article by more than ¼ inch.
Net Absolute(ly)
Term used in Facultative Aviation Reinsurance when no reinsurance commission is allowable.
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(1) Term used in Marine insurance to emphasize that all discounts, without exception, have been taken off a premium (02) Term used in Facultative Aviation Reinsurance when no reinsurance commission is allowable.
Net Amount at risk
The difference between the face amount of the Insurance and the reserve.
Net amount at risk (Liability Insurance)
The difference between the face value of the policy and the reserve accumulated under that policy.