What is cancelling returns only in marine hull?

Answer 1

Cancelling returns only in marine hull refers to a specific clause in marine insurance policies that limits the insurer's liability to cover only the direct losses incurred due to the insured event, without accounting for any potential returns or refunds from the insured party. This clause is designed to prevent the policyholder from claiming losses that could be offset by returns or recoveries. It effectively ensures that the insurer only pays for the net loss after accounting for any returns or recoveries related to the insured risk.