A B C D E F G I J K L M O P R S U W Y
Pa Pi Pr

Particular average

An insurance loss that affects specific interest only. There are two kind or particular average losses: the total losses of a part of goods, and the arrival of goods at destination in damaged condition. Total loss: in this situation, it…

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Party at risk

Between the seller and the buyer, that party who has the most to lose in the event of damage or loss to a shipment, such as: Unpaid sellers, especially if the problem occurs before the point where their responsibility for…

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Pilferage

As used in marine insurance policies, the term denotes petty thievery-the taking of small parts of a shipment-as opposed to the theft of a whole shipment or large unit. Many ordinary marine insurance policies do not cover against pilferage, and…

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Premium

The amount above regular price paid as an incentive to do something. For example, a buyer might pay a premium for quick delivery. In insurance, the amount paid to an insurance company for coverage under an insurance policy. Opposite to…

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