memorandum clause
- A section within a marine insurance policy that outlines specific conditions or exceptions related to damage or loss to certain types of cargo
- The insurance company referenced the memorandum clause when discussing the coverage limitations for her cargo.
- He was not aware of the stipulations under the memorandum clause in his marine insurance policy before the accident.
- Owing to the memorandum clause, the insurance payout for the damaged cargo was capped at a particular limit.
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