Marine & Cargo Glossary

A specialized professional who calculates and apportions the contributions of all parties involved in a general average situation, applying maritime law and established customs of the trade.

Any wrongful or criminal act committed by the master or crew of a vessel against the ship or cargo owners, such as deliberately scuttling the ship or stealing cargo.

A legal document issued by a carrier to acknowledge receipt of cargo for shipment, serving as a receipt, contract of carriage, and document of title to the goods.

Insurance that covers goods and merchandise during transit by sea, air, road, or rail against loss or damage from covered perils such as sinking, fire, collision, or theft.

An unjustified departure from the agreed or customary route of a voyage, which can void marine insurance coverage unless the deviation falls within permitted exceptions.

A maritime law principle where all parties in a sea voyage (ship owner, cargo owners) proportionally share losses resulting from a voluntary sacrifice made to save the vessel and its cargo.

Marine insurance that covers physical damage to the ship or vessel itself, including its machinery, equipment, and fittings, protecting the ship owner's financial interest.

Standardized sets of terms and conditions (A, B, and C) published by the Institute of London Underwriters that define the scope of coverage for marine cargo insurance policies worldwide.

The deliberate throwing overboard of cargo or ship equipment to lighten a vessel in distress, typically to save the ship and remaining cargo from a greater peril.

Insurance covering the loss or damage of ships, cargo, terminals, and any transport by which goods are transferred, acquired, or held between points of origin and final destination.

An insurance policy specifically designed to cover goods during transportation, protecting against risks from the point of dispatch to the final destination.

Insurance coverage protecting against losses from piracy attacks on vessels and cargo, including ransom payments, vessel damage, and cargo theft or destruction.

A partial loss of the insured subject matter (ship or cargo) caused by an insured peril, borne solely by the owner of the damaged property rather than shared among all parties.

Mutual insurance provided by P&I clubs to ship owners and operators, covering third-party liabilities including crew injuries, pollution damage, cargo claims, and collision liability.

The condition of a vessel being fit to withstand the ordinary perils of the sea for the intended voyage, including proper construction, equipment, manning, and cargo stowage.

A provision in marine insurance policies that requires the insured to take reasonable steps to prevent or minimize loss, with the insurer reimbursing the costs of such efforts.

Damage to goods caused by submersion in water during transit, whether from vessel sinking, container flooding, or exposure to seawater, requiring immediate survey upon discovery.

A marine insurance policy that provides coverage for a specified period (usually 12 months) regardless of the number of voyages made during that time.

A marine insurance policy that covers a vessel or cargo for a specific voyage from one port to another, expiring when the voyage ends.

Specialized insurance covering losses caused by acts of war, civil unrest, terrorism, piracy, and related political violence, typically excluded from standard marine and property policies.

A marine insurance provision that extends cargo coverage from the moment goods leave the sender's warehouse until they arrive at the receiver's warehouse, including all intermediate transit and storage.