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KembaraXtra – Legal Terms – Particular Average
Particular average is a term used in marine insurance to describe a partial loss suffered by insured property.
Unlike general average, the loss falls solely upon the owner whose property was damaged.
It usually involves accidental damage to cargo, ship, or goods during a voyage.
The insurer is liable only if the policy covers the specific risk causing the loss.
The concept distinguishes individual losses from losses voluntarily shared among all parties involved in a maritime venture.
Particular average is a term used in marine insurance to describe a partial loss suffered by insured property.
Unlike general average, the loss falls solely upon the owner whose property was damaged.
It usually involves accidental damage to cargo, ship, or goods during a voyage.
The insurer is liable only if the policy covers the specific risk causing the loss.
The concept distinguishes individual losses from losses voluntarily shared among all parties involved in a maritime venture.
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