What does Running Down Clause mean? Read on to discover the definition & meaning of the term Running Down Clause - to help you better understand the language used in insurance policies.
Running Down Clause
An ocean marine hull policy clause adding legal liability coverage for damage done to another ship or its cargo resulting from a collision with, and caused by, the insured vessel.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Running Down Clause. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: