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Lost Or Not Lost


An agreement by the insurance company that, even though a voyage of a vessel or cargo may have already commenced, coverage will attach from the beginning of the voyage provided the Assured has no knowledge as to the status of the vessel. A notation is usually made on the insurance policy that the coverage has been bound "Lost Or Not Lost" and is accompanied by a statement signed by the Assured "warranted no known or reported losses" as of that date.
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