1800-200-5544 (Accessible from India only)

9144-3098 5300 (For Abroad Customers)

Gray Arrow Glossary






FAS: Incoterm meaning "Free Alongside Ship".

FAC: Incoterm meaning "Free Carrier".

FOB: Incoterm meaning "Free On Board".

FPA: Free of Particular Average (see Average or Particular Average).

FIDELITY BOND: A bond which will reimburse an employer for loss up to the amount of the bond, sustained by an employer (the insured) by reason of any dishonest act of an employee (or employees) covered by the bond.

FIRE: Combustion sufficient to product a spark, flame or glow and which is hostile (as opposed to friendly - i.e., not in the place where it is intended to be as in a furnace or fireplace).

FIRE INSURANCE: (1) Insurance contracts that indemnify an insured for loss caused by the destruction of the insured's property resulting from a fire; (2) The field of insurance that provides insurance policies on the insured's property for a variety of perils including fire.

FIRST NAMED INSURED: The first named insured appearing on a commercial policy. The latest forms permit the insurer to satisfy contractual duties by giving notice to the "first" named insured rather than requiring notice to all named insured's.

FLAT CANCELLATION: Cancellation of an insurance policy as of the date of its start with no premium charge.

FLOATER POLICY: A policy under the terms of which protection follows moveable property, covering it wherever it may be.

FRANCHISE: A provision in freight insurance conditions which exempts the insurer from particular average losses, in any one accident, under 3%. The provision is waived if the loss is caused by fire, or by the ship stranding, sinking or being in collision.

FREIGHT: (1) Goods moved for another or (2) The remuneration earned by a ship-owner or manager for the carriage of goods; including the profit derived from carrying his own goods.



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