Please report any issues with this site to Lexicon Webmaster.

Approved Vessel

In the American market, a cargo-carrying vessel over 1,000 net registered tons and under 20 years of age that insurance companies accept to carry the insured cargo without additional premium.

Shipments aboard other vessels are accepted and may be subject to additional premiums, called "penalties," which results in these vessels being called "penalty vessels."

The London market uses a different standard.
Web design by OfficeElf