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To put in place of another; i.e., when an insurance company pays a claim it is placed in the same position as the payee with regard to any rights against others.<ref>U.S. Department of Transportation Maritime Administration [http://www.marad.dot.gov/publications/glossary/glossary.html]</ref>
To put in place of another; i.e., when an insurance company pays a claim it is placed in the same position as the payee with regard to any rights against others.<ref>[http://www.marad.dot.gov/publications/glossary/glossary.html U.S. Department of Transportation Maritime Administration]</ref>
==References==
==References==
{{Reflist}}
[[Category:Shipping Terms]]
[[Category:Shipping Terms]]