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

Salvage

Compensation paid for the rescue of a ship, its cargo or passengers from a loss at sea. The act of saving a ship or its cargo from possible loss. Property saved from a wreck or fire.

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Salvage loss

A method of insurance adjustment where the underwriter pays the difference between the amount of insurance and the net proceeds of the sale of damaged goods. It is sometimes incorrectly assumed that when damaged goods are sold to determine the…

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Special cargo policy

A document used to that coverage is provided to cover loss or damage to cargo while in transit when insurance is placed against an open marine cargo policy. Usually is called cargo insurance certificate or insurance certificate. See insurance certificate;…

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Special marine policy

An insurance policy which is issued to cover a single shipment. The special marine policy form calls for the name of the vessel and sailing date, points of shipment and destination, nature of commodity, description of units comprising the shipment,…

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