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| Definition Of: |
With Average
A marine insurance term meaning that a shipment is protected from partial
damage whenever the damage exceeds 3 percent (or some other percentage).
If the ship is involved in a major catastrophe, such as a collision, fire
or stranding, the minimum percentage requirement is waived and the
insurance company pays for all of the damage.
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2K Group Shipping Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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Page Number:
1 2 A: Page 1 of 2.
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