An Ocean Transfer cargo ship was forced to jettison some cargo during a severe storm. The various interests in the voyage at the time the property was jettisoned are the following: 11eb63a7_e85a_6ac0_9493_d9b97222a49a_SM5987_00 The captain jettisoned iron ore valued at $800,000. What is the amount that Ocean Transfer must pay under a general average loss? Explain your answer.

Principles of Risk Management and Insurance 13th Edition by George Rejda,Michael McNamara

Edition 13ISBN: 978-0134082578

Principles of Risk Management and Insurance 13th Edition by George Rejda,Michael McNamara

Edition 13ISBN: 978-0134082578

Exercise 6

An Ocean Transfer cargo ship was forced to jettison some cargo during a severe storm. The various interests in the voyage at the time the property was jettisoned are the following:

The captain jettisoned iron ore valued at $800,000. What is the amount that Ocean Transfer must pay under a general average loss? Explain your answer.

Explanation

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General average loss
General average lo...