“Free of particular average”. A term in marine insurance referring to a policy which does not cover particular average (i.e. partial) losses.
“Free of particular average”. A term in marine insurance referring to a policy which does not cover particular average (i.e. partial) losses.
Decrease in the value of property over a period of time due to use, wear & tear and obsolescence. For example, if you paid $500 for a television set five years ago, its current value minus depreciation might be only $125.