4.5
Marine Glossary Of Terms
Agent
An agent is someone who acts on behalf of a company selling insurance. Ibex has over 200 agents based in Spain, Portugal and Gibraltar, giving you the option to choose a face to face service to arrange all your insurances.
Barratry
Any wrongful act committed without your knowledge or participation and to your prejudice by anyone using or on board the vessel with your permission.
Boat/Dinghy/Tender
Any type of small craft (not being a jet ski, sailboard or life raft) which forms part of the vessel's equipment and is used for the operation of the vessel and is either permanently marked with a unique identification feature (including satellite telephone number, email address) and for which a separate value is stated on the schedule or otherwise agreed by us in writing.
Claim
A claim is the process of notifying your insurance company of an event, such as an accident or theft, where you wish to claim against your insurance policy. A claim may also be made against your policy by a third party.
Cruising Area
This is the area noted on the schedule.
Endorsement
This refers to changes in the terms of your cover as shown in the schedule.
Exclusions
There are a number of General Exclusions that are stated in your insurance policy. These are instances where a claim cannot be made. Please refer to the Marine Policy documents for a full list.
Houseboat
The vessel will be deemed to be used as a houseboat if during the period of layup any person other than a trespasser sleeps upon it for more than 2 consecutive nights or for more than 4 nights in any period of 4 weeks.
In-Commission Period
This is the period when the vessel is not required to be laid up and may be used in navigation including lifting, hauling out and launching.
Insured Value
This is the sum(s) noted on the schedule.
IPID (Insurance Product Information Document)
The IPID provides you with a summary of our cover. It has been designed to give you the main benefits and exclusions to assist in your decision. Please refer to your policy documents for full details of cover.
Lay up period
This is the period (if any) noted on the schedule when the vessel must not be used for any purpose except for carrying out of minor maintenance and repairs and must be laid up at the place named in your proposal form or any other place agreed by us in writing.
Machinery
Includes main or auxiliary engines, electrical equipment, cables and fittings and hydraulic equipment, piping and fittings, boilers and shafts.
No Claims Discount/No Claims Bonus
This is a discount offered at the time of renewal to an insured person who has made no claim in the previous period or periods of insurance. A No Claim Discount is a discount that is offered for not making a claim, so even if a claim is not your fault, your No Claim Discount can be affected.
Policy
This details the contract between an insurance company and the policy holder. Your Ibex policy will consist of your Policy Booklet, Schedule, Marine Proposal Confirmation and Certificate of Marine Insurance.
Premium
This is the money you have to pay in return for your insurance cover. Your premium must be paid in order for your insurance to be valid.
Schedule
This is the document which identifies the policy holder and sets out details of the cover your policy provides.
Vessel
The vessel noted on the schedule including sails, machinery, gear, equipment, furniture and fittings.