free of particular average
- marine cargo insurance that does not cover partial losses or partial damage unless caused by the vessel being sunk, stranded, burned, on fire, or in a collision. Bloomberg Financial Dictionary
* * *free of particular average ˌfree of parˌticular ˈaverage abbreviation FPA adjective [not before a noun]INSURANCE TRANSPORT a condition stating that insurance is only against total (= when the thing insured is totally lost or destroyed), not partial loss (= when the thing insured is not totally lost or destroyed). Free of particular average is one of the institute
* * *free of particular average UK US adjective (ABBREVIATION FPA) INSURANCE, COMMERCE, TRANSPORT► used to describe an insurance agreement in which the insurance company does not have to pay for goods that are partly lost or partly destroyed on a ship unless the ship sinks, hits something, is damaged by fire, etc.
Financial and business terms. 2012.
Look at other dictionaries:
free of particular average — FPA See average … Big dictionary of business and management
free from particular average — A clause in a marine insurance policy used in a limitation of liability, generally defeating liability of the insurer for a partial loss. 29A Am J Rev ed Ins § 1585 … Ballentine's law dictionary
particular average — A term used in contradistinction to general average, denoting a loss on vessel, cargo, or freight, to be borne by the owner of the particular subject or interest upon which it happens. 48 Am J1st Ship § 621. A term generally regarded as… … Ballentine's law dictionary
Average — An arithmetic mean of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the current prices of the 30 DJIA s stocks, and divides … Financial and business terms
average — An arithmetic mean return of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the current prices of the 30 DJIA stocks, and… … Financial and business terms
average — 1) A single number used to represent a set of numbers; mean. See arithmetic mean; geometric mean; median; weighted average 2) A partial loss in marine insurance (from French: avarie, damage). In general average (GA), a loss resulting from a… … Big dictionary of business and management
average — The mean between extremes or between two or more quantities, measurements, distances, weights, etc. Feudal service performed by tenants consisting of hauling and carrying with wagons and work animals. Sometimes used as the equivalent of general… … Ballentine's law dictionary
average clause — A clause in a blanket fire insurance policy providing that in case of loss the policy shall attach on each building in such proportion as the value of each building bears to the aggregate value of the entire property insured. Such provision is in … Ballentine's law dictionary
free from average unless general — A limitation of liability in a marine insurance policy, having the same effect as the clause free from particular average. 29A Am J Rev ed Ins § 1585 … Ballentine's law dictionary
free of all averages — faa Denoting a marine insurance that covers only a total loss, general average and particular average losses being excluded … Big dictionary of business and management