Marine cargo provision whereby the loss of whole package in loading or discharge or the loss of a whole craft load shall be treated as a total loss of that part of the cargo and consequently will not be subject to a franchise.
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A Marine cargo policy may provide that a loss of a whole package in loading or discharge or the loss of a whole craft load shall be treated as a total loss of that part of the cargo and hence will not be subject to a franchise.

Term from the equity derivative markets to describe a swap under which one party pays all dividends received from, and the periodic appreciation in, a specified share and the other pays interest plus periodic depreciation in that share. The technique is now applied to credit derivatives as a means of selling the credit risk.

A marine clause which only permits the vessel to call at the customary ports on the voyage and at ports for purposes connected with the voyage. Such calls do not amount to deviation.

Means ‘Tanker Owners’ Voluntary Agreement Concerning Liability for Oil Pollution. An agreement, supported by most tanker owners worldwide, whereby owners agree to pay for cleanup costs incurred by governments in respect of oil discharged from tankers belonging to the owners. Each member insures his liability under the Agreement.
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Tankers Owners’ Voluntary Agreement Concerning Liability for Oil Pollution: An agreement by most tanker owners that subject to a limit of liability, they will remove persistent oil discharge by their tanker and will reimburse any government for expense in cleaning up oil pollution resulting from the tanker owner’s negligence.

International Hull Clause (10.2) stating that the vessel will not be towed except where towing is customary or the ship is in need of assistance to the first place of safety. It is also provided that the ship shall not undertake towage or salvage services under a previously arranged contract.
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A clause in a Marine Insurance Hull policy under which the insured warrants that the ship shall not be towed except where towing is customary or the ship is in need of assistance and that the ship shall not undertake towage or salvage services under a previously arranged contract.

1. Tracing service provided by Opra through Pensions Registry Scheme. It helps former pension scheme members track pension scheme memberships relating to earlier employment periods. Mergers and acquisitions over time may make tracing former memberships difficult for individuals. 2. DWP runs a tracing service to help schemes trace information on their deferred pensioners. 3. Employers’ Liability Code.

The International Underwriters’ Asssociation has drafted standard clauses for a number of trade associations to give them the comprehensive cover they require. The trades affected include: rubber, timber, coal, sugar and flour.

This term often appears as an insured item under the combined policies effected by small businesses. It may bring together in one sum stock, trade fixtures, fittings and machinery. An alternative is to cover stock separately while combining other forms of trade property into a single figure under the title trade contents.

Endorsements to reflect the requirements of a trade, or category of risk, within a particular trade. They may be restrictive or expansive. See RESTRICTIVE ENDORSEMENTS.

Foodborne illness damages the reputation and therefore income stream of restaurants and similar businesses. TNR provides protection and crisis management against the financial costs of: (a) foodborne illness business interruption; (b) adverse media; and (c) reputation crisis management.