The term is used in marine insurance when at a point short of destination, it can be shown that it would cost more to forward damaged goods to their destination than the goods would realized on the spot. The underwriters usually pay the difference between the total insured value and the ...
The term is used in marine insurance when at a point short of destination, it can be shown that it would cost more to forward damaged goods to their destination than the goods would realized on the spot. The underwriters usually pay the difference between the total insured value and the ...