Named Perils Policy Any marine policy limiting coverage to perils specifically listed in the policy; as opposed to an All Risks policy. See "All Risks."
Doing something that a reasonable and prudent person would not do, or not doing something that a reasonable and prudent person would do in a particular situation. The failure to exercise normal care or act reasonably under the circumstances.
A clause in a property insurance policy extending the policy to cover the peril of negligence; e.g. Inchmaree Clause.
A document (such as a bank draft, promissory note, check, or bill of lading) transferable from one party to another in good faith, for a consideration.
New For Old
Insurance coverage for repairs to a vessel to be accomplished employing new parts to replace old damaged parts without deduction for depreciation.
New Jason Clause - See "Jason Clause."
NFFD (Not Fit For Duty) - See "Seaman’s Rights and Remedies."
A form of salvage contract in which the salvor receives no payment if he or she fails to save any property, and is paid only if successful.
A loss in which an entire shipping package and its contents are missing at destination. Non-delivery does not include pilferage of cargo from a package where the package itself is delivered.
Additional form required as General Average Security in the event cargo must be separated from the vessel and forwarded to destination by another vessel. Cargo owner's signature on this document preserves the vessel owner's maritime lien on cargo. See "General Average Security."
A cargo consolidator who buys a block of space from a carrier, divides it, and re‑sells it to smaller shippers. The NVOCC issues Bills of Lading, publishes tariffs, and otherwise conducts itself as an ocean common carrier, except that it does not provide the actual ocean or intermodal transportation of cargo.
Not Fit For Duty (NFFD) - See "Seaman’s Rights and Remedies."
NVOCC - See "Non-Vessel Operating Common Carrier."