for buyer's care
English translation: buyers agreed insurance value
| 04:54 May 7, 2008 |
| English language (monolingual) [PRO] Law/Patents - Law: Contract(s) | |||||||
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|  Selected response from: Gary D Local time: 19:37 | ||||||
Grading comment
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| SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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| 5 +3 | buyers agreed insurance value |
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| 4 | for buyer to take care of |
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Answers
2 hrs confidence: 
for buyer to take care of Explanation: This is nor more than a quaint "insurance-ese" term meaning that the buyers pays it, into the seller's account. The "over-age" premium is an additional charge, reflecting the fact that older ships are more likely to have insurance claims descend on them... (or their insurers!) |
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3 hrs confidence: peer agreement (net): +3
peer agreement (net): +3buyers agreed insurance value Explanation: "*Overage premium* of vessel which is older than 30 years old, if any, *for buyer's care* and seller's account subject to the rate stipulated by acceptable insurance company." The Vessel is a Boat, or some sort of water craft. If the boat is older than 30 years than it becomes too old for the insurance company to cover under its normal premium and it is than subject to an overage premium. This premium will be worked out as to the amount the buyer agrees that the vessel is worth ( How much the Buyer cares or agrees it is worth) or for an amount it was sold to the buyer for (Sellers account), The accepting insurance company will then set the rate the buyer has to pay if they (The buyer) wants the insurance. -------------------------------------------------- Note added at 7 days (2008-05-15 00:42:37 GMT) Post-grading -------------------------------------------------- Thank you every one |
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