A1
Definition
A description of property or a person that is in the best condition.
In marine insurance, before a vessel can be insured, it has to be inspected to check its condition. If it is maintained in good and efficient condition it will be shown in Lloyd’s Register of Shipping as ‘A’ and if the anchor moorings are in the same condition the number ‘I’ is added. This description is also used in life assurance, in which premiums are largely based on the person’s health. After a medical examination a person in perfect health is described as ‘an Al life’.
Example
Example 1:
Emeka wants to insure his fishing boat on the Lagos lagoon. An inspector comes to check the boat and finds everything, the engine, the hull, the anchor all in perfect condition. The boat is rated A1, so his insurance company gives him full coverage at the best rate.
Example 2:
A shipping company in Greece wants to insure one of its cargo vessels. Lloyd’s inspectors board the ship and find it excellently maintained, with the anchor and moorings also in great shape. The vessel is listed as A1 in Lloyd’s Register, meaning it qualifies for the best insurance terms available.