Delay clause

An insurance policy clause that excludes claims for loss of market and for loss, damage or deterioration arising from delay. This exclusion appears in almost every marine cargo insurance policy. Insurance underwriters are exceedingly reluctant to assume any liability for loss of market, which is generally considered a “trade loss” and uninsurable. A market loss, furthermore, is an indirect or consequential damage. It is not a “physical loss or damage”. See special marine policy.

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