Free of particular average

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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.
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=='''Table 1. Marine Insurance Coverage Summary'''<ref> ''ibid'', design is our </ref>==
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==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

  1. Glossary of Shipping Terms, Maritime Administration, Washington, DC, 2008 - www.marad.dot.gov/documents/Glossary_final.pdf
  2. 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
  3. 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
  4. 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
  5. 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
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