insurance
A marine insurance policy provisions that limits recovery of partial losses due to a peril in the Perils Clause of an insurance policy to those occurring on a voyage in which the vessel is stranded, sunk, burnt, or in collision with another vessel. Under FPAEC it is not necessary that the actual damage be caused by the vessel stranding, sinking, burning, or being in collision, but only that one of these has occurred during the voyage.
See also Free of Particular Average American Conditions.
