The return of premium allowed under the returns clause by marine insurers when the vessel is out of use.

A horizontal stratum of cover within a structure of layers. For example, a primary insurer covers £100,000, the first excess insurer covers the next layer up to £200,000, the second excess insurers takes in excess of £200,000 up to £300,000 and so on. Layering spreads the risk among insurers or reinsurers and is applied to both property and liability insurances. See EXCESS INSURANCE.