Two or more perils which simultaneously cause loss, such as when, during a seacoast storm, both wind and water and water damage property. Mixed perils become significant when one peril causing loss is covered by Insurance, but another is not. If it is not possible Policy provide appropriate limitations.
Tag: RAW
Perils of the Sea
Most losses covered by a marine insurance policy come within the comprehensive expression “perils of the sea,” which refers to a damage caused y heavy weather, stranding, striking on rocks or on bottom, collision with other vessels, contacts with floating objects, etc.
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Somewhat akin to open perils on land, the term refers to any potential cause of loss derived from shipment on a seagoing vessel.
Perils of the seas
Refers only to fortuitous accidents or casualties of the seas and does not include the ordinary action of the wind and waves (MIA 1906, Rule for Construction 7). Sinking, foundering of ship at sea, collisions or unintentional stranding are not mentioned but are ‘perils of the sea. Something which may happen at sea, not something that must happen, is the criterion. See PERILS ON THE SEA.
Perils on the sea
Perils that could occur at sea, e.g. fire, violent theft by persons outside the vessel, but could also occur elsewhere. They are perils added to ‘perils of the sea’ as named perils.
Perinatal death
Wide-ranging phrase that means both stillborn infants and neonatal deaths.
Perinatal period
Interval from the 28th week of gestation to the 28th day after birth.
Period
The period of time for which a policy or bond is issued.
Period certain
1. In an annuity, specific time during which the insurance company unconditionally guarantees benefit payments to continue. 2. In an insurance settlement, time period that the insurer assures payments of benefits.
Period of disability
Beginning and ending time when an insured is not able to perform regular job duties or cannot perform normal activities of a healthy individual of the same age or sex.
Period of Restoration
The period during which Business Income coverage applies. It begins on the date direct physical loss occurs and interrupts business operations, and ends on the date that the damaged property should be repaired, rebuilt or replaced with reasonable speed.
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The period of time following a loss that is necessary to restore a business or organization to a preloss condition.