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Simple English definitions for legal terms
assecurator
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A quick definition of assecurator:
Term: ASSECURATOR
Definition: An assecurator is an insurer in the field of marine insurance.
Simply put, an assecurator is someone who provides insurance for ships and other marine vessels. They help protect the owners of these vessels from financial loss in case of accidents or other unforeseen events.
A more thorough explanation:
Definition: Assecurator (pronounced "uh-sek-yuh-ray-tor") is a term used in marine insurance to refer to an insurer.
Example: When a ship owner wants to protect their vessel and cargo from potential losses or damages during a voyage, they can purchase marine insurance from an assecurator.
Explanation: The term "assecurator" is used specifically in the context of marine insurance, where it refers to the entity that provides insurance coverage for ships and their cargo. The example illustrates how a ship owner would interact with an assecurator to obtain insurance coverage for their vessel and cargo.