Nautical words

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Instrumental Error. Error in a measured quantity when due to defect or limitation in the measuring instrument.

Insulating Coat. Coating of paint, or other substance, to protect a plate or fitting from deterioration by a subsequent coating. Particularly applied to bitumastic coat between ship's bottom plating and a corrosive anti-fouling paint.

Insulation. Prevention of leakage from, or into, a body or substance.

Insurable Interest. Such interest in a ship or voyage that failure of ship to carry out voyage as intended would entail financial loss.

Insurable Value. Sum of money for which insurable items may lawfully and reasonably be insured. In case of goods carried by sea it is made up of invoiced cost of goods, cost of freight, cost of insurance, profit. Profit usually assessed as 10 per cent of other costs.

Insurance Broker. Person who acts as intermediary between those requiring insurance and those willing to insure; more especially those who place marine risks with underwriters.

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