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Lay-up Return
A return of part of the annual premium on a ship time policy paid back to the assured by the underwriter because the ship has been laid up and not exposed to full navigational risks for a period of not less than 30 consecutive days. Such return is not paid until the natural expiry date of the policy, and is forfeit if the vessel becomes a total loss before such date.
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Sport Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 A: Page 1 of 53.
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