A navigation error caused a cargo ship to run aground on a reef.The ship,valued at $1.5 million,was carrying $1.5 million in grain and $1.5 in electronic devices.The ship sustained a $150,000 physical damage loss.If this loss is a "particular average" loss,how will the loss be settled?

Question

Quizplus · Accepted Answer

A "particular average" loss in maritime insurance refers to damage or loss that affects only the interests of a particular party. In this case, the physical damage to the ship is the responsibility of the ship's owner alone, as it does not directly affect the cargo owners.

A Navigation Error Caused a Cargo Ship to Run Aground