Page 44 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

F.O.B. : F.O.B. means free on board. In this type of contract the seller is responsible

till the goods are loaded/boarded on the ship and thereafter the buyer.

F.O.R. Free on Rail : This position of the buyer and seller is almost the same as in

F.O.B. contract.

General Average : When the entire venture is endangered, in order to save the ship

and cargo, certain sacrifices are made and/or certain expenses are incurred. When

such a loss arises it is apportioned among the interests saved.

Jettison :Jettison means throwing of cargo from above board the ship to save the

vessel and/or other cargo.

Particular Average : Partial losses other than general average are called particular

average.

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