Lay-up warranty

{
  "id": "MLC-T-INS-001972",
  "term": "Lay-up warranty",
  "field": "Insurance and risk management",
  "definition": "A clause in a marine insurance policy that stipulates conditions for a premium reduction when a vessel is temporarily taken out of service and laid up. The warranty requires the vessel to be moored in a specified safe location and not engaged in navigation or cargo operations for a defined period. Failure to comply with the warranty's terms can void the premium reduction or even the coverage itself.",
  "url": "https://mlchart.com/terminology/insurance/lay-up-warranty/"
}