Español
FrançaisAn individual, business, or company a supplier contracts to deliver or carry out any part of the supplier’s contract obligations.
Read MoreSubrogation
The transfer of all rights to claim against third parties to an insurance company upon payment of a claim.
Read MoreSubsidiary
A company controlled by another company, called parent company, usually through ownership of, at least, 50 per cent of its shares, or through other organizational or managerial agreement. There are several different types of relationship that a subsidiary company may…
Read MoreSue & Labor clause
A provision in marine insurance obligating the assured to do things necessary after a loss to prevent further loss and to act in the best interests of the insurer. The sue and labor clause of the open cargo policy reads…
Read MoreSunk costs
Sunk costs are costs incurred in the past that cannot be recovered if a project is cancelled – e.g. research and development costs.
Read More
