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Simple English definitions for legal terms
high-probability rule
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A quick definition of high-probability rule:
A high-probability rule is a principle in marine insurance that allows an insured person to abandon a vessel if it seems very likely that the vessel will be completely lost. This means that if the situation is extremely dangerous and there is little hope of saving the vessel, the insured person can give up the vessel and make a claim for compensation.
A more thorough explanation:
The high-probability rule is a principle in marine insurance that allows an insured person to abandon a vessel if it seems very likely that a total loss is about to happen.
For example, if a ship is caught in a severe storm and is taking on water rapidly, the owner may invoke the high-probability rule and abandon the ship to the insurer.
This principle is important because it allows the insured person to avoid further losses and expenses that may occur if they try to salvage the vessel.