API 28

Card Set Information

Author:
avoegeli
ID:
14777
Filename:
API 28
Updated:
2010-04-16 00:35:26
Tags:
Chapter Terms
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Description:
Chapter 11
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  1. Sue and Labor Charges
    Expenses incurred by the insured to take reasonable measures to prevent damage or injury.
  2. Chartering
    A boat means renting it.
  3. Due Diligence
    Level of care that is reasonable, including recognizing precautions.
  4. Master and/or Captain
    Used interchangeably. They refer to the person responsible for the navigation, operation, and safety of the watercraft and crew.
  5. Buyer Survey
    Examines everything that might be physically wrong with a vessel.
  6. Warranties
    Statements concerning the conditions and use of the watercraft to be insured, which are made for the purpose of permitting the underwriter to evaluate a risk.
  7. Condition and Value Survey
    Establishes the current condition of the hull machinery and equipment and establishes a current market value and replacement value.
  8. Implied Warranty
    Is understood rather than written.
  9. Knot
    A measurement of speed in watercraft that equals 1.15 miles per hour.
  10. Protection and Idemnity
    A marine coverage that includes bodily injury and property damage.
  11. Wreck Removal
    A coverage that provides funds to remove the remains of watercraft from the waterways after a loss
  12. US Longshore & Harbor Workers' Compensation Act
    Provides essentially the same protection to maritime workers that workers comp provides
  13. Express Warranty
    Is written in the policy.

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