Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia.


1 the computation of the amount due to an insured and the fixing of the proportion to be borne by the underwriters.
2 in Scottish civil procedure, the changing of the writ or defences before the record is closed.


Collins Dictionary of Law © W.J. Stewart, 2006

ADJUSTMENT, maritime law. The adjustment of a loss is the settling and ascertaining the amount of the indemnity which the insured after all proper allowances and deductions have been made, is entitled to receive, and the proportion of this, which each underwriter is liable to pay, under the policy Marsh. Ins. B. 1, c. 14, p. 617 or it is a written admission of the amounts of the loss as settled between the parties to a policy of insurance. 3 Stark. Ev. 1167, 8.
     2. In adjusting a loss, the first thing to be considered is, how the quantity of damages for which the underwriters are liable, shall be ascertained. When a loss is a total loss, and the insured decides to abandon, he must give notice of this to the underwriters iii a reasonable time, otherwise he will waive his right to abandon, and must be content to claim only for a partial loss. Marsh. Ins. B.1, c.3, s.2; 15 East, 559; 1 T. R. 608; 9 East, 283; 13 East 304; 6 Taunt. 383. When the loss is admitted to be total, and the policy is a valued one, the insured is entitled to receive the whole sum insured, subject to such deductions as may have been agreed by the policy to be made in case of loss.
     3. The quantity of damages being known, the next point to be settled, is, by what rule this shall be estimated. The price of a thing does not afford a just criterion to ascertain its true value. It may have been bought very dear or very cheap. The circumstances of time and place cause a continual variation in the price of things. For this reason, in cases of general average, the things saved contribute not according to prune cost, but according to the price for which they may be sold at the time of settling the average. Marsh. Ins. B. 1, c. 14, s. 2, p. 621; Laws of Wisbury, art. 20 Laws of Oleron, art. 8 this Dict. tit. Price. And see 4 Dall. 430; 1 Caines' R. 80; 2 S. & R. 229 2 S.& R. 257, 258.
     4. An adjustment being endorsed on the policy, and signed by the underwriters, with the promise to pay in a given time, is prima facie evidence against them, and amounts to an admission of all the facts necessary to be proved by the insured to entitle him to recover in an action on the policy. It is like a note of hand, and being proved, the insured has no occasion to go into proof of any other circumstances. Marsh. Ins. B. 1, c. 14, s. 3, p. 632; 3 Stark. Ev. 1167, 8 Park. ch. 4; Wesk. Ins, 8; Beaw. Lex. Mer. 310; Com. Dig. Merchant, E 9; Abbott on Shipp. 346 to 348. See Damages.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
According the petition filed with NEPRA, K-Electric has requested decrease in tariff for 16 months while increase in tariff for 13 months under fuel price adjustment. For 16 months KE has requested an increase of Rs 20.31 billion in power tariff.
will be affected by an upward adjustment of as much as P15.01 per month.
FESCO, in its plea to NEPRA, has asked for an adjustment of tariff component for FY 2016-17 and 2017-18 under multi-year tariff regime.
The catch-up provision in the Inflation Adjustment Act is intended to counteract the prior Inflation Act's disallowance of inflationary adjustments for nearly 26 years.
The bunker adjustment factor of infant tickets, priced at 10% of the average adult ticket, will be exempt.
Indeed, the international transfer of human resources abroad in MNCs has become a subject of growing interest in recent years, especially the work adjustment process of expatriate managers.
Electing large LLCs can treat audit adjustments in one of two ways: 1.
The Summit will also feature a variety of workshops on adjustment: successes, impacts, services and best practices as well as workshops on the economy including sessions on diversification and sustainability, the Aboriginal workforce and opportunities for the future.
Adults who themselves survived a troubled adolescence have pointed to an inner sense of purpose as crucial for their eventual adjustment (Gilgun, 1996; Werner & Smith, 1992).
All high- and medium-risk accounts should be reconciled and all necessary general ledger reconciling adjustments recorded before the company's post-closing adjustment review process.
The traditional rules, the adjustment power, and the unitrust operate in different ways.
Since our opponents like to run the option against us, we have been forced to look for some kind of adjustment that would enable us to defend these teams without making any drastic changes or deviating from our "alignment sound" football principles.