Bottomry Bond :
(a) A method of reporting multiple shipments to an insurance company under an open insurance policy
(b) An insurance form, similar to a declaration, which pro¬vides for insurance coverage of multiple shipments within a prescribed reporting period, usually a month.
This form calls for the name of the vessel and sailing date, points of shipment and destination, nature of commodity, the amount of insurance desired, and the number of the open policy under which the shipment is made. The bor¬dereau form is prepared by the assured and is forwarded within a prescribed reporting period, usually monthly. The forms are forwarded to the insurance agent or broker for transmission to the insurance company. The premium is billed monthly in accordance with the schedule of rates provided by the policy.
The bordereau is generally not used in cases where evidence of insurance must be supplied to a customer, to banks or to other third parties in order to permit collection of claims abroad. This calls for a special marine policy, occasionally re¬ferred to as a certificate. The bordereau, therefore, is mainly used for import shipments, not export shipments. - special marine policy - declaration
A petty officer on a merchant ship who controls or supervises the work of other seamen.
Bottomry = Bottomage = Bottomry Bond
A loan made to a ship’s owner or ship’s master acting as the owner’s agent, to carry on or complete a voyage, pledging the “bottom” or keel of the vessel as collateral. Such loans were often made to effect emergency repairs. If the ship was lost, the lender lost his investment; if the ship arrived safely, the lender received his principal, plus interest, often 30, 40, or 50 percent.
An early form of bottomry was mentioned in the Code of Hammurabi (1750 BC). Bottomry bonds fell out of favor by the mid-1800s primarily because of their low priority against other liens against a vessel. While bottomry bonds used the vessel as collateral, respondentia used a ship’s cargo as collateral - respondentia
Bounties or Grants
Payments by governments to producers of goods, often to strengthen their competitive position.
The front of a vessel
Colloquial term referring to a trailer, semi¬trailer or container.
A closed freight car
A refusal to deal commercially or otherwise with a person, firm or country.
A general cargo vessel designed to efficiently handle breakbulk loads. Breakbulk cargo vessels are usu¬ally self-sustaining in that they have their own loading and unloading machinery.
Related Links : Bottomry Bond
Bottomry Bond To HOME PAGE