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  • Sabotage

    Destruction of productive capabilities in a plant or factory by those opposed to a company management. 

    Sabotage is a malicious act and loss sustained by the insured arising out of the destruction of the insured property by sabotage is recoverable under the malicious act extension.
  • Safety Audits

    A system that brings together the various techniques relating to both the perception of risk and the identification of operative cause and perils. It has been defined as 'a critical examination of an industrial operation in its entirety to identify potential hazards and levels of risk'. 
  • Said to contain

    A term which finds a place in the receipts given by all the carriers in connection with the goods entrusted to them for carriage/transport from one place to another, which are contained in cases or any closed packages. 

    It is then the responsibility of the consignor or the consignee to establish to the satisfaction of the carrier about the description and quantity of the goods in the packages, when any shortage of contents, while in the custody of the carrier is alleged by the consignee at the time of delivery.
  • Sailing Vessels

    These are country crafts propelled by wind power. They are either wooden built or steel built. These vessels are used to carry cargo between Indian ports and also between Indian ports and ports in countries in close proximity to India, such as Sri Lanka, Pakistan, Persian Gulf and East Africa.
  • Sale Contract

    Contract of Sale means contract by which the seller and the buyer agree on the terms and conditions of sale.
  • Sale of Vessel clause

    Provision in the Institute Hull clauses which provides that the policy is automatically cancelled in the event of change of ownership of the vessel or its management. Continuation of cover in such cases, if agreed by the insurer will be done by the insurer by suitable endorsement on the policy. In case of cancellation, the insured will be entitled for pro rata daily net premium return.
  • Salesmanship

    Art of persuading people to purchase a product or to avail a service.
  • Salvage

    1) Property which is partially saved from loss or damage
    2) 2.A compensation for salvage services paid under contract
  • Salvage Association

    An association incorporated in U.K. It is governed by a committee drawn from Lloyd's and Company underwriters. 
    Its main activities consist of 
    (i) Providing expert advice and supervision of salvage operations 
    (ii) Undertaking damage and condition surveys of hull and cargo 
    (iii) Supervision of repairs, towage and voyage approvals 
    (iv) Site and lay-up surveys 
    (v) Oil industry damage surveys 
    (vi) Preparing the case for insurers when important litigation is in prospect The services of the Salvage association are available to underwrites, shipowners and others on request from the interested parties. It has offices in many important ports and has a world-wide network of correspondents.
  • Salvage Charges

    In relation to Marine insurance, refers to the cost incurred by third parties, independent of any contract, towards salvage operations in saving a distressed vessel. 

    Salvage operations will include towage, refloating, uprighting, or raising-up a sunken vessel. Salvage charges do not include the expenses of services in the nature of salvage rendered by the insured or his agents, which would be treated as Sue and Labour charges or general average, depending on the circumstances.