[L110]

lost or not lost

A clause used in ocean marine insurance which states that the insurer will pay even if the loss insured against has occurred prior to the effecting of the insurance. The company would, of course, not be liable if the policyholder knew that the loss had occurred when ordering the insurance. A ship could easily be lost or damaged and the owner not know until later, during which time the owner might want to insure it, which is possible with this clause.