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extornándose la prima por prorrateo neto diario

English translation: rebate will be assessed/calculated on a daily pro-rata basis

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Spanish term or phrase:	extornándose la prima por prorrateo neto diario
English translation:	rebate will be assessed/calculated on a daily pro-rata basis
Entered by:	Beatriz Candil Garcia

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18:48 Jun 28, 2011

Spanish to English translations [PRO]
Law/Patents - Ships, Sailing, Maritime / Insurance for a boat/ship

Spanish term or phrase: extornándose la prima por prorrateo neto diario

Pls see below thanks

Si el buque es vendido o transferido a un nuevo propietario, o, cuando el buque sea propiedad de una compañía, se produce un cambio en el control del interés(es) de la misma, entonces, a menos que los aseguradores acuerden por escrito la continuación del seguro, éste quedará cancelado desde el momento de dicha venta, transferencia o cambio, extornándose la prima por prorrateo neto diario calculado sobre la prima cargada mientras el buque estuvo en servicio o inactivo.

Beatriz Candil Garcia KudoZ activity Questions: 4068 (25 open) (17 closed without grading) Answers: 347
Local time: 18:18

rebate will be assessed/calculated on a daily pro-rata basis

Explanation:
not sure but I think here in this context this is not a premium to be paid but a rebate of the premiums paid if the ship is sold or there is transferred ownership or there is any other change and this rebate will be calculated on a pro rata daily basis (based on whether the ship was in service or inactive, as premium would be different)

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Note added at 1 day17 hrs (2011-06-30 12:09:29 GMT) Post-grading
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glad to help

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gallagy2
Ireland

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thx
4 KudoZ points were awarded for this answer