Insurance demurrage refers to a delay or detention of a vessel covered under a marine insurance policy. This delay can occur during loading, unloading, or sailing, and it may be the result of various factors, such as adverse weather conditions, strikes, or mechanical problems. Under an insurance demurrage clause, the insurer agrees to compensate the … Read more
Whether vaping is considered “smoking” for purposes largely depends on the specific legal context. In general, laws and regulations vary regarding the definition of “smoking” and how it applies to vaping devices. **Legal Definitions:** * **Traditional Definition:** “Smoking” often refers to the act of inhaling tobacco smoke from products such as cigarettes, pipes, or tobacco. … Read more
Quota Share Reinsurance Quota share reinsurance is a type of proportional reinsurance, where the reinsurer takes on a specific percentage of all the risks written by the primary insurer. Proportional Reinsurance The reinsurer pays a proportion of every claim. The primary insurer retains a proportion of the risk, known as the “self-retention”. The premium is … Read more