memorandum clause

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

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