| TITLE |
DESCRIPTION |
| N.R.T. or n.r.t. |
Net registered tonnage. |
| N.V.O.C. |
Non vessel owning carrier |
| Named Peril |
A peril specified in a policy. |
| Natural Loss |
Inevitable loss in volume or weight of cargo during the period of cover is natural loss. |
| Nippon Kaiji Kyokai |
This is a Japanese Classification Society. Vessels registered with the Nippon Kaiji Kyokai may appear in Lloyd’s Register with the notation NK shown, the cypher to denote full class in the Nippon Kaiji Kyokai is NS . The Society is often referred to as the “Japanese Marine Corporation”. |
| No Known Loss |
An insurer may be asked to accept an insurance after the risk has attached. If he agrees he will usually accept on a “lost or not lost” basis, whereby he is liable for losses which occurred before he accepted this risk. The assured should advise the insurer if he knows of any loss after the time of placing or there is non-disclosure, but many insurers avail themselves of the additional protection of warranting “no known loss”. |
| Non Carrying Vessel |
Expression used in connection with claims by cargo owners against carriers in respect of collision liability. In disputes the vessel carrying the cargo concerning which the claim is made is called the “Carrying Vessel”. The other vessel is called the “Non Carrying Vessel”. |
| Non-Compliance with a Warranty |
A warranty is a promise by the assured that something shall or shall not be done or that a state of affairs will or will not exist. A warranty must be strictly complied with. Non-compliance discharges the insurer from liability as from the date of the breach. |
| Non-Contribution Clause |
A clause in a policy providing that in the event of a loss occurring which would be recoverable under the policy no claim is payable if another policy exists covering the same risk. This may occur where a fire policy and a marine policy overlap on the same goods. In the absence of the clause each policy should pay proportionately toward the loss. |
| Non-Delivery |
Applicable to cargo policies. The term refers to circumstances where an entire package, which should have been delivered at destination, has not been delivered and there is no evidence to account for its disappearance. It does not apply to circumstance where only part of a package is missing; this being termed ‘shortage’. |
| Non-Disclosure |
The assured and/or his agent (the broker) must disclose to the insurer, before the risk is accepted, any material fact or circumstance which is known or should be known to either and/or both the assured and/or his agent. If either of them fails in this obligation the insurer may avoid the contract. |
| Normal Course of Transit |
More commonly referred to as the ‘ordinary course of transit’, because it so designated in the Transit Clause in the Institute Cargo Clauses.Once the goods commence transit from the place named in the insurance contract, they must be carried by a customary method of carriage and transit must be by the most direct route (unless otherwise agreed) to the specified destination without unreasonable delay. Any delay within control of the assured to avoid would be deemed to be unreasonable. See “Transit Clause” and “Delay”). |
| Norske Veritas |
This is a Norwegian Classification Society. Vessels registered with the Norske Veritas may appear in Lloyd’s Register with the notation NV shown. The cypher to denote full class in the Norske Veritas Register is X 1.A.1. |
| Not to Inure Clause |
The Carriage of Goods by Sea Act, 1971, states that any clause in a contract of carriage which allows the overseas carrier to claim benefit of the insurance effected by the owner shall be void. |
| Notice of Abandonment |
Notice of abandonment is a condition precedent to a claim for constructive total loss. It is a procedure whereby the assured notifies the insurer that he intends to abandon the insured property to the insurer in return for a CTL settlement. The purpose of the notice is to enable the insurer to take such measures as are available to him to prevent or minimise the loss and is, in effect, an authority by the assured permitting the insurer to take such measures. Failure to give proper notice of abandonment means that the assured can claim only for an actual total loss or for a partial loss, not for a constructive total loss. |
| Notice of Cancellation |
(See “Cancellation Clauses”) |
| Notification of Claim against Carrier |
Where there is apparent damage to goods on discharge the consignee must give notice of the damage in writing to the carrier or his agent at the port of discharge before or at the time of removal of the goods into the custody of the person entitled to take delivery of them. It is the duty of the consignee to carry out an immediate examination of the goods on discharge or as soon as practicable thereafter, but in any case notification of damage which is not immediately apparent must be given to the carrier within 3 days of delivery to the consignee. Notice need not b given if the survey is a joint survey. Failure to observe these principles will prejudice a claim against the carrier. |
| Nuclear Exclusion |
Insurers, today, are well aware of the catastrophic loss which would follow the hostile detonation of any weapon of war employing nuclear fission or some similar power. In addition to the customary war exclusion clause, all sets of marine insurance clauses incorporate a separate clause which applies a nuclear exclusion to claims. In the ‘marine’ and ‘strikes’ cargo clause this excludes loss, damage or expense arising from the use of nuclear and similar weapons. |
| Numbered Rules |
The “Numbered Rules” refers to the rules specified in the York Antwerp Rules on general average, other than the lettered rules therein. When applying the York-Antwerp Rules the circumstance must applies, then the lettered Rules must be considered to determine whether there is general average. |
| NV |
Norske Veritas (ship classification). |
