Complete Glossary of
Marine Terms & Abbreviations
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Earned Premium
This applies when insurance is terminated before the expiry of the insured period. The earned premium is the premium attaching to the period during which the underwriters have been on risk.
Ebb
the falling tide
EC
European Community
ECG - Export Credits Guarantee
(U.K.) Insurance on goods shipped against non-payment by reason of commercial and / or political risks as arranged.
Echo Sounder
electronic equipment, now found in even the smallest boats, for measuring the depth of water
ECSA
European Community Shipowners Association
ECU
European currency unit
EDI - Electronic Data Interchange
The transfer of structured data from one computer system to another.
EDIFACT - EDI for Administration, Commerce and Transport
Organisation responsible to UN ECE for the development of standard EDI messages for Administration, Commerce and Transport.
EHA - Equipment Handover Agreement
Agreement acknowledging condition signed when taking over Carrier's equipment and returning it, which incorporates terms of contract under which equipment is taken over.
Ensign
A vessel's national flag
Entering Inwards
The reporting of the vessel's arrival in port hy the master at the Custom House. Permission to commence discharging is obtained.
ENTREPORT
A place of transhipment.
Entry Outwards
The reporting of the intention to commence a new voyage by the master at the Custom House.
Permission to commence loading is obtained.
EPIRB
emergency position indication radio beacon
Escalator Clause
A clause allowing for adjustment of the insured value in certain non-marine material damage insurances.
A similar clause can be found in builders risks policies covering ships under construction.
Even keel
= draught forward equals the draught aft
EX GRATIA PAYMENT
Is a payment made by the insurer, where there is no legal liability under the policy. The insurer may make this payment as a sign of goodwill or to accommodate a valued insured. It should be noted that a reinsurer / coinsurer is not obliged to follow an ex gratia payment made by the lead insurer.
EXCESS
The term 'excess' was used for many years in the marine market to denote an amount that had to be exceeded before a partial loss claim attached to the policy. Once the excess was passed the amount of the claim above the amount of the excess was paid.
The term has gradually disappeared in the marine market, to be replaced by the term 'deductible', which has the same effect on partial loss claims.
Excess Liabilities
Insurance to cover the excess amount of liability for general average contri¬butions, salvage charges, sue and labour charges and three fourths collision liability where the full amount is not covered by a hull policy.
Excess Point
Term used in excess of loss reinsurance to determine the point at which the reinsurer comes on risk
Excess Value Insurance
This term was commonly used in the marine market in reference to insurances effected additionally to the policy covering the hull and machinery of a ship. These could apply to insurable interest in respect of ship-owners' liabilities, or additional insurances covering hull interests (eg disbursements). Today, the term 'excess liabilities' is used for the former, and 'increased value' for the latter.
Export subsidy
An export subsidy is a subsidy (sometimes paid in the form of a reduction in income tax) paid to exporters against exports made. The aim of such subsidies is to encourage exports by raising final returns paid to exporters above the level suggested by international prices.
EXPRESS WARRANTY
A warranty that is specified in the policy document, or is attached thereto. A warranty that applies to the policy, but is not expressed therein (eg warranty of legality), is termed an implied warranty'.
Extended Protest
Detailed statement made by the master of a vessel concerning an accident which has become the subject of a court case.
Extra Charges
Expenses incurred in connection with a claim under a policy.
EXTRAORDINARY SACRIFICE
Term used in determining General Average.
Ordinary sacrifice or expenditure is such as a master or shipowner is liable to carry out or incur under his obligations to carry the goods and deliver them in accordance with the contract of affreightment.
The use of spare fuel carried for an auxiliary engine comes in this category.
Extraordinary sacrifice or expenditure is any other sort of sacrifice of expenditure such as cargo or part of the ship burned as fuel or the use of tugs to draw the vessel off a strand. If all the other essentials for general average are present extraordinary sacrifice or expenditure is allowed in general average.
e. & e.a.
Each and every accident
e. & e.l.
Each and every loss
e. & e.o.
Each and every occurrence
E. & O.E.
Errors and ommisions excepted
E. & S.
Excess and surplus (lines) (U.S.)
E.A.R.
Engineering all risks
E.C.G.D.
Export Credits Guarantee Department (UK)
E.C.O.
Extra-contractual obligations
E.D.P.
Electronic data processing
E.E.
Errors excepted
E.E.C.
European Economic Community
E.F.T.A.
European Free Trade Association
E.I.C.
European Insurance Committee
E.M.L.
Estimated maximum loss
E.M.P.L.
Estimated maximum probable loss
e.o.h.p.
Except as otherwise herein provided
E.T.A.
Estimated time of arrival