With Average

A marine insurance term meaning that a shipment is protected for partial damage whenever the damage exceeds a stated percentage. (TNDOT1)

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.