Complete Glossary of
Marine Terms & Abbreviations
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Uberrimae Fidei
Latin legal phrase that means "Utmost Good Faith".
UCP - Uniform Customs and Practice for Documentary Credits
The "Bankers Bible" on Documentary Credit interpretation issued by the ICC.
UNCITRAL
United Nations Commission on International Trade Law
UNCTAD
United Nations Commission on Trade and Development
UNCTAD MMO
UNCTAD Multi Modal Transport Convention
UNICITRAL
United Nations Commission on International Trade Law
UNICON - Uncontainerable Goods
Goods which, because of their dimensions, cannot be containerised and which are therefore carried other than in a container.
Unrepaired Damage
This term relates to damage to an insured ship that has not been repaired at the time the policy expires.
It applies to both time and voyage hull policies, and provides that underwriters are not liable for unrepaired damage if the ship becomes a total loss from any cause (insured or not) before the expiry of the policy period. If the ship was not a total loss, the assured could normally claim a depreciation allowance for unrepaired damage, caused by an insured peril, on expiry of the policy.
Unvalued Policy
A policy that does not express the insured value of the property insured, as distinct from the sum insured by the policy.
A claim under an unvalued policy is limited to the insurable value of the subject matter insured at the time of loss, even though the sum insured maybe more that the insurable value.
Unvalued policies are normally used for policies covering such hull interests such as 'excess liabilities' and 'anticipated freight'.
Utmost Good Faith
A basic principle of insurance. Mutual trust in negotiating an insurance con¬tract. The insured and their broker must disclose and truly represent every material circumstance to the underwriter before acceptance of the risk. A breach of good faith entitles the underwriter to avoid the contract.
U. & O.
Use and occupancy
U.C.B.
Unless caused by
U.O.R.
Under one roof
U/R
Under repair. Underwriting
U/W
Underwriter