Free of particular average
From Supply Chain Management Encyclopedia
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'''Free of particular average (FPA)''' means a marine insurance term meaning that the assurer will not allow payment for partial loss or damage to cargo shipments except in certain circumstances, such as stranding, sinking, collision or fire <ref> Glossary of Shipping Terms, Maritime Administration, Washington, DC, 2008 - www.marad.dot.gov/documents/Glossary_final.pdf </ref>. See Table 1. below. | '''Free of particular average (FPA)''' means a marine insurance term meaning that the assurer will not allow payment for partial loss or damage to cargo shipments except in certain circumstances, such as stranding, sinking, collision or fire <ref> Glossary of Shipping Terms, Maritime Administration, Washington, DC, 2008 - www.marad.dot.gov/documents/Glossary_final.pdf </ref>. See Table 1. below. | ||
- | == | + | ==Table 1. Marine Insurance Coverage Summary== |
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|'''Perils Covered Against''' | |'''Perils Covered Against''' |
Revision as of 11:54, 24 August 2011
Free of particular average (FPA) means a marine insurance term meaning that the assurer will not allow payment for partial loss or damage to cargo shipments except in certain circumstances, such as stranding, sinking, collision or fire [1]. See Table 1. below.
Table 1. Marine Insurance Coverage Summary
Perils Covered Against | Coverage A of the Institute Marine Cargo Clauses | Coverage B of the Institute Marine Cargo Clauses | Coverage C of the Institute Marine Cargo Clauses | All Risks Coverage | With Average (Typical Coverage) | Free of Particular Average (Typical Coverage) |
Fire | YES | YES | YES | YES | YES | YES |
Explosion | YES | YES | YES | YES | YES | YES |
Stranding | YES | YES | YES | YES | YES | YES |
Sinking | YES | YES | YES | YES | YES | YES |
Collision | YES | YES | YES | YES | YES | YES |
General Average | YES | YES | YES | YES | YES | YES |
Jettison | YES | YES | YES | YES | YES | [2] |
Loss Overboard | YES | YES | YES | YES | [3] | |
Seawater Damage | YES | YES | YES | YES | [4] | |
Lightening | YES | YES | YES | YES | [5] | |
Condensation | YES | YES | ||||
Improper Stowage by Carrier | YES | YES | ||||
Theft | YES | YES | ||||
Pilferage | YES | YES | ||||
Leakage | YES | YES | ||||
Breakage | YES | YES | ||||
Damage While Loading/Unloading | YES | YES | YES | YES | ||
Damage on land Before Loading | YES | YES | YES | YES | YES | YES |
See also particular average insurance, marine insurance
References
- ↑ Glossary of Shipping Terms, Maritime Administration, Washington, DC, 2008 - www.marad.dot.gov/documents/Glossary_final.pdf
- ↑ Under an FPA policy, any partial loss incurred would not be covered unless it is due to a ship sinking, burning, becoming stranded, or being involved in a collision; a total loss would be covered
- ↑ Under an FPA policy, any partial loss incurred would not be covered unless it is due to a ship sinking, burning, becoming stranded, or being involved in a collision; a total loss would be covered
- ↑ Under an FPA policy, any partial loss incurred would not be covered unless it is due to a ship sinking, burning, becoming stranded, or being involved in a collision; a total loss would be covered
- ↑ Under an FPA policy, any partial loss incurred would not be covered unless it is due to a ship sinking, burning, becoming stranded, or being involved in a collision; a total loss would be covered