A clause in inland marine forms that prevents a person in the possession of property of others from benefiting from any insurance the owner has on the property.
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A provision in an Inland Marine insurance form which states that any insurance a person has on property in the possession of a bailee will not be for the benefit of the bailee. Example, if a suit is lost or destroyed at the cleaners, the cleaner cannot deny coverage on the basis that other insurance exists.

Earned only on own damage section of the Package Policies covering all classes of vehicles except Motor Trade Policies, Road Transit Risks, Road Risks, Internal Risks. For policies covering liability including Fire and/or Theft risks the NCB will be applicable on the Fire and/or Theft premium only. An insured becomes entitled to NCB only at the time of renewal of the policy after the expiry of the full duration of twelve months provided insured has not made any claim during the last policy period of one year. The NCB can be accumulated up to a maximum limit of 50% on OD Premium. Discount on premium is uniform for all types of vehicles, ranges from minimum 20% to maximum 50% corresponding with 1 to 5 consecutive claim free years. The NCB follows the fortune of the original insured and not the vehicle or the policy. In case the customer is switching/changing to a company from any other insurance company and have accrued some NCB from previous insurer, he can get the same transferred in case the vehicle is insured within 90 days of renewal due date. In the event of the transfer, the new owner is not entitled to the NCB and hence the proportionate amount will be recovered if the new owner is not presently entitled to NCB or not enjoying NCB. NCB can be allowed on a substituted vehicle. However, the substituted vehicle must of the same class as the vehicle on which the NCB has been earned. In the case of an individual owner in the event of death of the individual where the custody of the vehicle passes to the spouse and/or children and/or parents or others the NCB entitlement can be transferred to the legal heir. If a vehicle is sold but not replaced immediately the NCB earned could be claimed within 3 years of cancellation of policy sold, for any fresh insurance. IN practice a few insurers are allowed lesser NCB than entitled on transfer or on substitute vehicle belonging to a different sub-class.

The NCB earned on the vehicle is 25% or more and no claims in the premium 2 years or a brand new vehicle entitled to 25% or more NCB can opt for this cover. This NCB will be protected if not more than one claim is made during the policy period provided that the renewal is affected on or before 90 days of expiry of the policy. The clause also provides that claims for damage to all glasses or partial theft of accessories only have occurred and no other damages to the insured vehicle have been claimed, the loss will not be treated as a claim by the insured. In the event of theft of vehicle, if insured purchases a new vehicle and insures with the insurer within 90 days of the theft, the existing NCB will be applicable. In effect the loss will not be treated as a TL/CTL. The insured is required to provide Renewal Notice or copy of previous policy with declaration of NCB along with the proposal form to avail of this cover.

A form of experience rating in which policyholders are allowed a discount from the basic premium according to a scale that depends upon the number of years since the last previous claim. In practice, the systems often do not claims where the policyholder was not at fault (“allowed claims”) and will usually still provide some discount if a claim is made after a previously long claim free period. It is used most often in Motor Insurance and occasionally in other classes such as Householders, Personal Accident, Health, Shopkeepers, Office Umbrella etc.

Where a marine insurance is accepted after the risk has attached and an accident to the vessel has already been reported the insurer may stipulate that there shall be no claim under the policy for it.

A return on premium on a marine insurance policy on which no claim has been made.

Where in a marine venture, property is salved, the salvor becomes entitled to a salvage award based on the value saved. If nothing is saved there is no reward.

Compulsory Public Liability Insurance: Section 3 of Public liability Insurance Act, 1991 imposes a no-fault liability on the person who owns or has control over handling any hazardous substance to give relief where death or injury (including permanent total or permanent partial disability of sickness) of any person (other than a workman within the meaning of the workmen’[s compensation Act 1923) as amended or damage to any property, has resulted from an accident. No fault liability means that the claimant is not required to prove that the death, injury or damage was due to any wrongful act, neglect or default of any person.