mixed policy
Marine insurance. A policy combining aspects of both a voyage policy and a time policy.
Search Results for: voyage
journal
journal. 1. A book or record kept, usu. daily, as of the proceedings of a legislature or the events of a ship’s voyage. — Also termed log; logbook. See MINUTES(2). 2. Accounting. In double-entry bookkeeping, a book in which original entries are recorded before being transferred to a ledger. 3. A periodical or magazine, esp.
salvage service
salvage service. The aid or rescue given, either voluntarily or by contract, to a vessel in need of assistance because of present or apprehended danger. • Although salvage may involve towing, it is distinguished from towing service, which is rendered merely to expedite a voyage, not to respond to dangerous circumstances. [Cases: Salvage 6. C.J.S.
seaworthy
seaworthy, adj. (Of a vessel) properly equipped and sufficiently strong and tight to resist the perils reasonably incident to the voyage for which the vessel is insured. • An implied condition of marine-insurance policies, unless otherwise stated, is that the vessel will be seaworthy. [Cases: Seamen 9; Shipping 80, 121. C.J.S. Seamen § 33; Shipping
layday
layday. Maritime law. A day allowed by a voyage charterparty for the charterer to load or unload cargo. • If more time is used, the vessel’s owner is entitled to compensation for the delay, usu. in the form of demurrage. If less time is used, the owner may pay dispatch. — Also written lay day.
port risk insurance
Insurance on a vessel lying in port. Cf. time insurance; voyage insurance.
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pro rata itineris
pro rata itineris (proh ray-t[schwa] I-tin-[schwa]-ris). [Latin] Scots law. For the proportion of the journey. “Where a ship, chartered to convey a cargo to a certain port … is prevented from completing the voyage … the master of the ship may transship the goods, and thus conveying them to their destination, earn his full freight.
jerk note
jerk note. Hist. Maritime law. A permit, issued by a customs collector to the ship’s master, authorizing the master to receive cargo for an outbound voyage.
port of destination
The port at which a voyage is to end. • This term generally includes any stopping places at which the ship receives or unloads cargo.
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extraordinary average
A contribution by all the parties concerned in a commercial voyage — whether for vessel or cargo — toward a loss sustained by some of the parties in interest for the benefit of all.
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