Differentiate between particular average and general average

What will be an ideal response?

Particular average is a loss to a ship or its cargo that is not to be shared in by contributions from all those interested, but is to be borne by the owner of the injured thing. General average is a contribution by those jointly involved in a maritime venture to make good the loss by one of them for his voluntary sacrifice of a part of the ship or cargo to save the residue of the property and the lives on board, or for the extraordinary expenses necessarily incurred for the benefit and safety of all.

Business

You might also like to view...

In which step of the selling process does a salesperson set call objectives?

A) preapproach B) approach C) presentation D) qualifying E) prospecting

Business

People lose interest in striving for a reward if they ___________________________

a. have received it many times b. are inexperienced c. lack humor d. follow the LUNA rule

Business