Nautical Term: IWL
Definition of IWL
Institute Warranty Limits (IWL) refers to the maximum liability that a warranty provider assumes under the terms of the warranty. This limit may be expressed in monetary terms, or it may be defined in terms of the duration of the warranty coverage.
For instance, in a warranty policy for a marine engine, the IWL might be stated as follows: The Warrantor shall be liable for any defects in materials or workmanship, which occur during the warranty period and are reported to the Warrantor in writing within sixty (60) days after the occurrence of such defects. The Warrantor’s liability under this warranty shall in no event exceed the sum of Five Hundred Thousand Dollars ($500,000) in the case of any loss, damage or injury to property, or the payment of any claims, damages or expenses under this warranty, whether based on the warranty terms or any collateral warranty or guarantee, or any representation, statement or omission, or any failure to comply with any provisions of this warranty. This warranty shall be governed by and construed in accordance with the laws of the State of New York, without giving effect
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