particular average



Marine insurance provision under which damages or expenses incurred by a shipper (whose cargo is exposed to a danger) are borne by that shipper only. Such damages or expenses occur by direct harm to the ship and/or cargo, or in a course of action to prevent initial or additional harm to them. Particular average, like general-average is independent of the insurance cover bought for the cargo. Instead, it arises out of the contract between the cargo-owner and the ship-owner. Now largely replaced by the relevant institute cargo clause.
See also free of particular average.

Use particular average in a sentence

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z