insurance with average-clause
- A clause in a policy that covers partial damage to merchandise if it equals or surpasses three percent of its insured value, and fully covers all losses if the transport vessel experiences disastrous events
- The shipowner's insurance with average-clause ensured the partial damage to the cargo was covered.
- With an insurance with average-clause plan, the retailer was not overly concerned with minor damages to goods during shipping.
- The company took out an insurance with average-clause for their high-value shipments.
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