Multiple Choice
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 $150,000 in physical damage.If this loss is a "particular average" loss,how will the loss be settled?
A) The owners of each of the three interests are responsible for $50,000.
B) The owner of the ship is responsible for the entire $150,000 loss.
C) The two cargo owners are each responsible for $75,000 of the loss.
D) The owner of the ship is responsible for the first $100,000 of the loss,and the two cargo owners are each responsible for $25,000 of the loss.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Which of the following statements about the
Q12: In the optional replacement cost coverage provision
Q14: Which of the following items is (are)contained
Q16: There are a number of implied warranties
Q18: Which of the following statements is (are)true
Q19: One type of commercial property insurance excludes
Q22: One inland marine coverage form is the
Q27: The building and personal property coverage form
Q30: Which of the following forms is used
Q31: Which of the following is covered under