In ocean marine insurance, a partial loss sustained by a specified cargo or vessel. Ocean marine policies do not necessarily cover partial loss (referred to as “average” loss); those that are covered must be the result of a covered peril. Such cargo losses are usually subject to separate particular average coverage provisions.
Free of Particular Average (FPA)Rob2022-05-24T18:31:48+00:00
An ocean marine policy provision that eliminates all coverage for any partial loss of cargo.
With Average (WA)Rob2022-05-24T18:31:48+00:00
An ocean marine policy provision that covers partial loss of below deck cargo on the same basis as a total loss—that is, for loss by the same perils and regardless of what percentage of the total insured value is damaged or lost.