| Keel Block |
When a ship is drydocked she rests on keel blocks that hold her in an upright position. The trim of the vessel is such that the stern settles on the keel blocks first as the water is pumped out of the drydock and, as it does so, shores are wedged in either side (working from stem to stern) so that, finally, the vessel rests in a sort of cradle. |
| Knock for Knock |
The principle of single liability applied between insurers. Where two vessels are in collision the principle could be applied, although in marine insurance practice it is seldom so. The expression is more common to motor insurance where under this principle, each insurer bears the cost of repairing the property which he insures, to the extent that it is covered by the insurance, without seeking to recover the cost from the insurer of the other property involved in the accident. |
| Knocked Down Condition |
Applicable to vehicle transit as cargo. Vehicles may be shipped in a dismantled or “knocked down” condition. |
| Knot |
A measurement of speed. One nautical mile per hour. A nautical mile measures 6,080 feet. |
| Known Loss |
A loss of which the assured and/or the insurer is aware at the time the insurance is effected. Cargo insurance is placed on a “lost or not lost” basis, whereby the insurer agrees to cover losses occurring prior to acceptance, if the risk has already commenced, provided the assured was not aware of the loss at that time. If he was aware of it he must have communicated the information to the insurer or there would be non-disclosure of a material fact. In some cases the insurer is aware of a casualty occurring to the vessel carrying the cargo which he is asked to insure. He may then insist on a warranty that there is “no known loss”. |
