4617627
| Question | Answer |
| Bill of Lading | A document issued by the carrier responsible for transporting or forwarding the goods |
| Agreed Value | A fair value of the shipment agreed to in advance by the insured and the insurer |
| Freight | The money payable for the hire fo a vessel or for the conveyance of cargo from one port to another |
| Actual Total Loss | A loss in which the subject property is totally lost or is so badly damaged that it has no value left |
| Constructive Total Loss | When the cost of salvaging the cargo is too high realative to the value saved |
| Particular Average | A partial loss to a specific shipment, other than a General Average |
| General Average | Payment for marine losses voluntarily incurred for the safety of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed |
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