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Free of particular average- American conditions FPAAC

Term · Insurance and risk management · MLC-T-INS-001591

A marine insurance clause that specifies the conditions under which partial losses (particular average) are covered, based on American legal precedents and practices. Under FPAAC, the insurer is not liable for particular average unless the vessel is stranded, sunk, burned, or in collision, or if the loss is caused by fire, explosion, or contact with any external substance. This clause is generally more restrictive than English conditions.

Table 1. Record
IdentifierMLC-T-INS-001591
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001591",
  "term": "Free of particular average- American conditions FPAAC",
  "field": "Insurance and risk management",
  "definition": "A marine insurance clause that specifies the conditions under which partial losses (particular average) are covered, based on American legal precedents and practices. Under FPAAC, the insurer is not liable for particular average unless the vessel is stranded, sunk, burned, or in collision, or if the loss is caused by fire, explosion, or contact with any external substance. This clause is generally more restrictive than English conditions.",
  "url": "https://mlchart.com/terminology/insurance/free-of-particular-average-american-conditions-fpaac/"
}

Record 1,492 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.