Across
- 3. The type of risk that is insurable
- 5. An insurance plan designed to safeguard all the company's shipments.
- 6. Insurance coverage for the ship owner in the event of total loss, such as vessel sinking, grounding, or fire.
- 8. A _________ average is the term used to describe a partial loss incurred by a cargo owner on an ocean voyage
- 9. Unplanned theft, based upon the opportunity to steal cargo.
- 10. A situation that increases the likelihood of injury and loss.
- 12. The captain or crew of a ship may cause damage to the ship or the cargo due to disobedience or willful misconduct. What type of Peril is this?
- 14. Actuarial data can be used to determine the actual probability of loss.
- 15. A method that allows for the theft to be undetectable for a few days by accessing and stealing files through the use of technology.
- 16. The type of risk not insurable
- 17. An event that causes loss. For instance, robbery, fire, or piracy
- 19. The likelihood that an individual or company will experience loss
Down
- 1. When a government increases tariffs, freezes foreign currency accounts, or does something that causes other countries to institute an embargo against it. This is called__________ .
- 2. Unloading some cargo at sea is a type of peril in which the captain of the vessel saves a portion of the cargo. This is called…
- 4. The risk that comes with the customer defaulting on their payment obligation, for whatever reason is called ____________.
- 7. A risk management strategy in which a company decides to retain risk and not insure against it
- 11. The practice of throwing a portion of a ship's cargo (or an aeroplane's fuel) into the water to reduce the weight of the ship is called____________
- 13. The process of formally or informally shifting the financial consequences of particular risks from one party to another
- 18. The chance (or the probability) of a loss