UK: A policy that insures the subject-matter, normally a hull, for a stated period of time (Marine Insurance Act 1906, s.25(1)) as opposed to a specific voyage. Hull risks are usually insured in this way using the International Hull Clauses or the earlier Time Clauses.
****
UK: a type of marine insurance in which a ship is insured for a specific period of time, rather than a specific voyage.
****
Ocean marine Policy covering the insured’s interests in voyages which begin during the Policy period. A time Policy, appropriate for a shipper of many cargoes or the owner of several vessels, does not cover losses to voyages which were underway whey the Policy period began, but, as long as the voyage began during the Policy period, it covers losses in voyages which conclude after the Policy period ends.

1. Risk attaching to an insurer that losses become payable earlier than expected. This prevents the insurer from earning his anticipated investment income or requires the premature liquidation of assets or raising loans to satisfy the claims. Financial reinsurance methods are primarily concerned with allowing insurers to smooth out losses over time. 2. The risk that an investor buys or sells investments at the wrong time.

A noise in the ears that may accompany loss of hearing. Tinnitus may have a significant effect on the damages awarded in claims based on occupational deafness.

Total Loss Only, a type of marine insurance.

The maximum temperature for given day as defined by 12:00 a.m. to 12:00 p.m. See AVERAGE DAILY TEMPERATURE.

The minimum temperature for a given day as defined by 12:00 a.m. to 12:00 p.m. See AVERAGE DAILY TEMPERATURE.

A buyer with an interest in cargo that is in transit may arrange a policy supplementary to the cargo insurance. This will be worded to pay as cargo’ for an increased value as the amount under the cargo policy may be inadequate to protect the buyer’s interest. The phrase means that the supplementary policy will contribute pro rata to any claim paid by the primary insurer. See INCREASED VALUE.

A reinsurance clause term indicating that the reinsurer will follow claims paid on the original policy but only in so far as the reinsured is legally liable to make the payment.

1. Form of total loss only reinsurance of: (a) vessels over or between specified tonnages; or (b) aircraft over or between specified hull values and/or seating capacities. The policies are effected on policy proof of interest without the benefit of salvage to the insurer. 2. An aviation reinsurance under which the reinsurer agrees to pay a fixed amount if an air crash results in a stated number of deaths.

A method of distributing bonuses to ‘with profits’ life insurance policyholders which has been used in the US but not in the UK. There are variations but the general principle is that declared surpluses are retained for ultimate distribution to the policyholders who survive a certain fixed period.