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Sabotage : Destruction of productive capabilities in factory or plant by those opposed to management; sabotage is malicious act and sustained losses to the insured arising due to such destruction are recoverable under the malicious extension agreement

Safely landed : Related to marine cargo insurance; goods are safely landed when these have been landed in the customary manner within reasonable period of time post arrival at destination

Safety Audits : System bringing together various methods to perception of risk and identification of operative cause and risks; defined as critical examination of industrial operation in entirety for identification of possible hazards and risk levels

Said to contain : Finding place in receipts given by all carriers in connection to entrusted goods for carriage from one location to another that are contained in cases or closed packages; it is responsibility of consignor or consignee for establishing to the satisfaction of carrier about description and quantity of goods in the packages when content shortage while in the custody of carrier is alleged by consignee during delivery

Sailing Vessels : Country crafts propelled by wind power; either wooden or steel used for carrying cargo between Indian ports and between Indian ports and ports in countries close to India like East Africa, Sri Lanka, Persian Gulf, and Pakistan

Sale Contract : Contract by which the seller and the buyer agree to the various terms and conditions for completing the sale

Sale of Vessel clause : Provision within institute hull clause providing automatic cancellation of policy in case of change in ownership of vessel or management; continued coverage if agreed by the insurance provider is done through an appropriate endorsement; in case of cancellation insured will receive pro-rata return on daily premium

Salesmanship : Technique of persuading individuals to purchase any product or avail certain service/s

Salvage : Property partially saved from damage or loss; compensation paid for delivering salvage services under some contract

Salvage Association :  Association governed by a Committee drawn from Lloyds and Company underwriters; primary activities comprise providing expert advice and supervision of salvage operations; surveying oil damages, undertaking damage and condition surveys for cargo and hull, site and layup surveys, preparing case for insurers when possible litigation exists, and supervision of towage, repairs, and voyage approvals

Salvage Charges : Cost incurred by 3rd parties independent of any contractual agreement towards salvage operations while saving a vessel under distress; salvage operations include towage, uprighting, refloating, or raising sunk vessel; salvage charges exclude expenses for services like those rendered by the insured or agents and would be treated as sue and labor charges or general average based on the situations

Self-Insurance : Assuming financial risks instead of paying an insurance provider to assume these; every policyholder is self-insurer in relation to deductibles and copayments; specialized form of risk extension where firm is able to establish fund to pay for losses because it has group of exposure units sufficient to reduce loss and predict loss

Short Term Coverage : Available for a maximum period of 6 months, short term coverage is used for procuring insurance between two jobs or graduates who are still not covered under group plan provided by employers

Short period policies  : Policy that is written for a period that is shorter than the average term

Short period rates  : Amount payable for procuring an insurance coverage for a period of less than one year

Subrogation : Legal procedure whereby insurance company after paying for the losses can seek recovery of the amount from another party that is legally liable

Self-Insured Retention  : Amount in liability insurance plan the insured needs to pay prior to the insurance provider paying; unlike deductible this amount is paid directly to the claimant

Sickness Insurance : Health insurance form covering losses due to illness or sickness

Salvage Loss : Occurs when the underwriter agrees for settling cargo claim by paying the difference between the insured value and realized proceeds through sale of damaged goods

Schedule : List of amounts payable for surgical procedures, dismemberment, and ancillary costs in health insurance plans; list of individual items covered under single plan like buildings, animals, and other property; for marine policies list is attached to slip, open cover, policy, or other document, often detailing premium rates for various journeys, risks, and interests

Schedule Of Loss : Notice completed by the assured documenting the damage or loss to personal property, contents, and/or stock

Seaworthiness Warranty : Implied warranty in each policy stating the vessel must be sea worthy at the time of commencement of coverage or if undertaken in stages at every stage  of the journey, ship should be reasonably fit in every way to combat ordinary perils encountered during sea voyage

Security : Underwriters subscribing to risks; insurance service providers

Short-Rate : Cancelling insurance contract at the behest of the insured with refund of premiums to policyholder lower than would be provided under pro-rata basis

Solvency : Adequate income and assets; primary responsibility of state insurance department for monitoring insurance providers licensed to offer such services within the state and ensure they remain solvent and have the capability to pay all the claims made by the policyholders

Specified Disease Insurance : Policy specifically designed for stated benefits often of larger amounts for treating disease/s listed in the policy

Stop Loss : Provision within the policy for cutting off loss of the insurer at any point in time; examples aggregate and maximum benefits; kind of reinsurance that transfers loss from ceding company to reinsurance provider at a point of time

Subrogation Waiver :  Waiver named by the insured for giving up right of recovery against another party; generally insurance policies need subrogation rights to be preserved

Sue And Labor : Expenses incurred by assured and representatives with the objective of minimizing or preventing loss that is the liability of the underwriter; excludes expenses in salvage or general acts as these are recovered under the plan as underwriter liability for contributing towards general average or salvage; sue and labor charges can be recovered under insurance plans that incorporate such clause or in accordance with the policy wordings

Surety : Describes business or bonds or surety ship; is an arrangement where one party is liable to 3rd party/parties for negligent acts of second party; party in this kind of arrangement holds responsibility to one person for the act of another person

Surety Bond : Bond where the surety agrees to answer to the obligee for any non-performance of the principal/obligor
 

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