Definitions
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Basis of Indemnity
The basis on which the amount of the claim is determined as described
in the Schedule(s) or the replacement or market value of the Insured
Stock at the date of the Loss of Insured Stock, whichever is the lesser
Bloom
An increase of the customary concentration of algae, phytoplankton,
jellyfish and/or microplankton in the water.
Computer Viruses
Include any program or software that prevents any operating system,
computer program or software working properly or at all.
Declared Value
The value of the Insured Stock referred to in the Monthly Stock
Declarations.
Deductible
The amount detailed in the Schedule(s) that You must bear in relation
to each and every claim which arises from a separate occurrence.
Disease
The presence of an identifiable pathogen or parasitic infestation which
shall be shown to be the proximate cause of the Loss of the Insured
Stock.
Egg
Fish reproductive body consisting of an ovum or embryo together with
nutritive and protective envelopes
Entire Stock
All of the living aquatic creatures or species whether insured by Us or
uninsured held at the Location(s).
Grading
The process of counting or sorting Insured Stock
Harvesting
The moment of removal of live Insured Stock or parts thereof from a
Location for processing, storage, or shipping.
Holding Unit
A single enclosure on an aquaculture farm in which the Entire Stock or
any part of it is reared, being a net, cage, tank, pond or raceway including
ancillary equipment.
Insured Stock
The living aquatic creatures or species described in the Schedule(s).
Location(s)
The geographical location(s) of the Insured Stock prior to Harvesting as
specified in the Schedule(s).
Loss of Insured Stock
The death or escape or theft of the Insured Stock or any part thereof
but not including weight loss.
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Material
Any circumstances which could affect Our judgement in accepting or
rating the risk, deciding whether or not to continue to provide coverage
and if so on what terms
Mortality
Death or destruction of Insured Stock.
Natural Mortality
The average mortality rate for each species of the Entire Stock during
the Monthly production cycle of the stock.
Period of Insurance
The Period of Insurance for which You pay, and We accept, payment of
the premium.
Pollution
The actual, alleged or threatened discharge, dispersal, seepage,
migration, release, escape, growth or accumulation of any Pollutant
whether in solid, liquid or gaseous form, or any odour, noise, vibration,
electromagnetic radiation, ionizing radiation, or other form of energy
at any time. For the avoidance of doubt, the definition of Pollution
excludes thermal energy.
Pollutant
Any contaminant, effluent, irritant or other matter or substance
including but not limited to oil, smoke, vapour, soot, fibres, fumes, acids,
alkalis, nuclear or radioactive material, chemicals, biological matter,
microorganisms and waste. Waste includes materials to be recycled,
reconditioned or reclaimed.
Schedule(s) and Endorsement(s)
The Schedule(s) of Insurance and any Endorsement(s) attaching to and
forming part of this Insurance.
Stocking Density Limit
The total maximum permissible biomass of the Entire Stock in a
Holding Unit divided by the cubic volume or surface area of water as
applicable in the same Holding Unit and described in the Schedule(s).
Sum Insured
The maximum amount of Our liability to You set out in the Schedule(s).
We, Us, Our
Insurance Company
You, Your, The Insured
The person or entity named in the Schedule(s) whom We have agreed
to indemnify, subject to the terms and conditions of this Insurance.
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