insurance with average-clause

Definition of "insurance with average-clause"
  1. 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
How to use "insurance with average-clause" in a sentence
  1. The shipowner's insurance with average-clause ensured the partial damage to the cargo was covered.
  2. With an insurance with average-clause plan, the retailer was not overly concerned with minor damages to goods during shipping.
  3. The company took out an insurance with average-clause for their high-value shipments.

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