What Does Demurrage Mean?

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What does Demurrage mean? Read on to discover the definition & meaning of the term Demurrage - to help you better understand the language used in insurance policies.

Demurrage

Demurrage

A policy extension contained in a maritime collision liability coverage section that provides payment to the owner of the other vessel in the collision (when the policyholder's vessel is at fault) for costs resulting from the loss of the use of the vessel and the delay caused in the voyage while the vessel is being repaired.

We hope the you have a better understanding of the meaning of Demurrage.

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