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LSDefine

Simple English definitions for legal terms

memorandum articles

Read a random definition: GATT

A quick definition of memorandum articles:

Memorandum articles are a type of clause in marine insurance that protect underwriters from liability for damage to goods that are easily perishable or for minor damages. This clause was introduced in English marine-insurance policies in 1749. Before this clause, insurers were liable for any damage, no matter how small, to the insured goods. The memorandum clause states that certain articles, including perishable ones, are free from average under a given rate unless the ship is stranded or there is a general average. This means that small partial losses are to be borne by a general average if they were incurred in a case proper for such an average.

A more thorough explanation:

Memorandum articles refer to goods that are described in the memorandum clause of a marine insurance policy. The memorandum clause is a provision that protects underwriters from liability for injury to goods that are particularly perishable or for minor damages.

For example, let's say a shipping company wants to insure a shipment of fresh fruits and vegetables. The memorandum clause in the marine insurance policy may specify that these perishable goods are exempt from average under a given rate, unless there is a general average or the ship is stranded. This means that if there are any small partial losses, they will be borne by a general average, provided they were incurred in a case proper for such an average.

The memorandum clause was first introduced into English marine insurance policies in 1749. Before that time, insurers were liable for every injury, no matter how small, that happened to the insured goods. The memorandum clause provides a way for underwriters to limit their liability for certain types of goods, while still providing coverage for more significant losses.

memdispo | memorandum check

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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