What does Lay Up mean? Read on to discover the definition & meaning of the term Lay Up - to help you better understand the language used in insurance policies.
Occurs when a vessel is moored in a protected anchorage when its operating systems have been shut down and efforts have been made to ensure that the vessel is protected from deterioration and corrosion. A vessel is normally laid up when it is unprofitable for the owner to operate it.
We hope the you have a better understanding of the meaning of Lay Up.