A B C D E F G I J K L M O P R S U W Y

All risks (AR)

The broadest type of standard marine insurance coverage generally available and offered by the London Institute of Underwriters “A” Clauses. The name is misleading, as “all risks” does not include coverage for the perils of war risk, strike, riot and…

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Average

Insurance term for a loss or damage incident that is less than total.

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Binder

A document certifying temporary insurance coverage. A binder is issued by an insurance company or its agent pending the issuance of an insurance policy.

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Brokerage

In shipping, a commission paid to a freight forwarder by a carrier for placing cargo, or a commission or fee paid to a shipbroker for arranging a vessel charter. In insurance, a commission paid by an insurer to an agent…

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