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Pallets
This is a special packing method where bundles, bales, cases etc. are placed in wooden platforms and then securely tied. Pallets are then lifted by fork-lifts or cranes and placed into the holds of the vessels.
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Palletising
Assembly of one or more packages on a pallet base and properly secured to it.
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Pair & Set Clause
Where the value of certain articles such as a pair of diamond earrings depends on their continuance as a pair or set, the value is drastically diminished if one of the pair or set is damaged or destroyed.
Naturally, the insured would prefer to abandon the remaining earring to the underwriter and to claim a total loss. By inserting Pair & Set Clause, the insurer limits his liability to the insured value of the damaged part or lost object.
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Pain and Suffering
Refers to the suffering attributable to the injury sustained by the person in an accident and to any consequential surgical operation. This is one of the heads of damages allowed in relation to any motor third party insurance claim.
Past and future suffering, pain, duration and its severity are taken into account. Damages are given both for mental and physical pain and suffering.
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Paid Losses
Total amount of all the losses paid by an insurance company in a given period.
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Packing List
Statement furnishing details of the contents of a package or a container. This document is required by the insurer in case of a claim for shortage of contents in the package caused during transportation and preferred under the relevant cargo insurance policy. Packing List helps for a comparison of the contents packed with the contents received at destination.
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Package Policy
A combination of two or more individual coverage into a single policy. A Householders Comprehensive insurance policy, for example, is a package combining property, personnel and liability coverage for the householder.
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P.A. Flight Coupons
Passenger's Flight insurance coupon covers death and/or permanent disability arising out of a bodily injury caused by violent, accidental, external and visible means whilst in or entering into or descending from any aircraft owned and/or operated by a regular airline over a schedule route by which the insured is travelling as a fare paying passenger during the flights specified. Rate of premium is ` 5/- per ` 50,000/- for a flight of not more than 24 hours duration.
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Package
In
general insurance, comprehensive insurance scheme, in favor of an individual or an enterprise or an industry covering assets, personnel, interests and liabilities against a bundle of perils.
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P.P.I.
Policy Proof of Interest. Under an ordinary marine policy the assured has to prove his insurable interest at the time of loss to substantiate a claim. A PPI policy dispenses with the need for the assured to prove his interest at the time of loss. The mere production of the policy is deemed sufficient proof of interest.
There are certain insurable interests which, although they exist, are difficult to be established or extent of which is difficult to arrive at. Increased value of the cargo is an example of the former and anticipated freight is an example for the latter.
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Policies issued basis
When excess of loss reinsurance treaties are concluded on Policies Issued basis, the treaty will only cover those policies that have been issued or renewed at dates falling within the period of the treaty.