The Code itself is not law, but much of it explains how the law should be complied with.
AB: American Bureau of Shipping; BV: Bureau Veritas; GL: Germanischer Lloyd; LR: Lloyd's Register; NV: Det Norske Veritas; RI: Registro Italiano Navale; NK: Nippon Kaiji Kyokai. These are the classification societies authorised by the MCA to act as Assigning Authorities for load lines and freeboards. "DT" are the letters used by the Department for Transport (MCA) on the loadline of a modern unclassed UK ship.
A signed undertaking given by cargo receivers stating that, in return for delivery to them or to their order of the goods noted in the bond, they agree to pay the proper proportion of any general average charges (and salvage or special charges) which may thereafter be ascertained to be due from the goods. Lloyd's Average Bond form (LAB 77) is normally used.
When a classification society's surveyor can confirm to the society's committee that his/her recommendations have been carried out to his/her satisfaction, and that he/she considers the ship to be in a fit and efficient condition to continue her voyage. An Interim Certificate of Class is a form of certificate of seaworthiness. (Some societies use that or another name. )
Normally, the party who has made an extraordinary sacrifice or expenditure to avoid a peril (and who needs to recoup his loss), which in most cases is the shipowner. If ship and cargo have both been saved by a jettison of cargo, however, it may be the owner of the jettisoned cargo who appoints an average adjuster and declares general average. Generally, the party to the adventure who requires contributions from the other parties will be the one who appoints the adjuster, and the adjuster will give guidance on making a declaration.
A separate class of insurance cover offered by the P&I clubs against the costs of legal representation in the collection of freight or demurrage, or in the defence of claims by consignees, charterers, etc., and in connection with disputes with parties such as bunker suppliers, repairers, ship suppliers, etc. Not all shipowners require FD&D cover as well as P&I cover.