google bot detected Particular Average | Insurance Glossary | Realestateagent.com

Particular Average


Definition of "Particular average"

Joan E. Smith
  Pro Players Realty USA

  1. expenses and damages incurred as the result of damage to a ship and its cargo, and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses and damages are paid by the owner of the part of the ship and cargo which actually suffers a loss. Contrast with GENERAL AVERAGE.
  2. partial loss of property resulting from an OCEAN MARINE EXPOSURE for which the owner of that property must bear the entire loss.



Related Real Estate Glossary terms

Related Real Estate FAQ