Definition - What does Delay Clause mean?
A delay clause is a condition found in many marine cargo insurance policies that absolves the insurance company of any responsibility for any loss or damage because of a delayed voyage. This includes loss of market.
Insuranceopedia explains Delay Clause
The delay clause is a common feature of marine cargo insurance policies, although the details can vary. The clause can, for instance, be very specific and not consider a peril (such as bad weather) as an excusable reason for a delay.
Loss of market means losing a buyer for the delayed goods. It is specifically named because the insurance industry doesn't see failed business transactions as an insurable loss.
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