Glossary

• As is where is

  Commercial term that buyer shall accept delivery of goods at the same place where it lies and in the same condition as it exists at the time of inspection prior to purchase. In General Insurance this term is used mostly relating to salvage disposal transactions.

• A.O.A

  Any one accident. The term, in relation to liability insurance, refers to the maximum liability of the insurer in respect of all claims, both for bodily injury and property damages of third parties arising out of any one accident.

• A.O.V

  Any one vessel. The term, which relates to Marine Cargo Insurance, refers to the insurer's maximum commitment under the policy for all cargo in respect of any one vessel.

• A.O.Y

  Any one year. The term refers to the maximum liability of the insurer under the policy for all claims preferred during the policy period.