Uberrimae Fidei ( pronounced Oo ber ee may fee day) – See "Utmost Good Faith.”
ULCC (Ultra Large Crude Carrier) – See “Vessel Types” Appendix F.
The unfilled portion of a drum or tank.
Ultimate Net Loss
The total paid on a claim including expenses.
Cargo that has not been picked up by the consignee, and may be subject to demurrage or late charges.
The spaces below the main deck of a vessel.
Insurance effected for less than the value of the property at risk.
Undiscovered Loss Clause
A cargo insurance clause providing coverage for losses that are not discovered until boxes are opened after the termination of the risk. See “Concealed Damage.”
Unearned Wages – See “Seaman’s Rights and Remedies.”
Unitization / Unit Load
The consolidation of a quantity of individual items into one large shipping unit (usually on a pallet) for easier handling. See “Cargo Packing” Appendix A.
Divides the world into 24 time zones, the same as Greenwich time, but the hours are expressed using the 24-hour clock, i.e. military time (1400 = 2 p.m.). See “Time Zone Map” Appendix C.
Unseaworthy – See “Seaworthy.”
UTC - See “Universal Time.”
A basic principle of insurance is that the Assured and his or her broker must disclose and truly represent every material circumstance to the insurance company before a risk is accepted for coverage. Marine insurance contracts demand the utmost good faith in disclosing all information that may possibly influence the judgment of the insurance company because the vessel or cargo may be in some far off place in the world, not subject to inspection or verification. It goes beyond the ordinary requirement that there be no actual fraud, which is implied in all contracts. A breach of good faith entitles the insurance company to void the contract. See "Lost or Not Lost."