A larger vessel used for pleasure purposes, as distinguished from a motorboat, sailboat or commercial vessel.
A marine insurance designed to provide property damage or hull coverage for yachts, cabin cruisers, and sailing vessels. Some will also cover small inboard motors and other personal vessels.
Also known as the model year in auto insurance. For the most part, the year the auto was produced. Car model years usually run from October to October.
Yearly (annual) renewable term insurance
A term life insurance policy that the insured can renew for a specific number of years without proving insurability. Each year the premium on the policy rises.
(See also annual renewable term.)
York Antwerp Rules
Revised in 1974, a set of rules adopted by the representatives of all the leading maritime nations to govern the method of applying the general average.