With Average

With Average (W.A.)

Marine cargo insurance coverage providing for partial loss or damage to goods, either with or without a deductible. Also called With particular average.

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With Average

A provision in maritime transport insurance stating that the insurer is responsible for partial losses on the value of the covered products. Sometimes with-average plans include deductibles, and sometimes they do not. Depending on the amount of the deductible, the insurer of a with-average plan will be liable for losses if some of the products break in transit. For example, if one is transporting $10,000 worth of goods over sea and $2,000 in goods are washed overboard, the with-average policy covers the owner of the goods for $2,000 (assuming no deductible). This contrasts with a free of particular average plan, in which the insurer is generally only responsible for catastrophic losses.