(insurance) Specific exposure to fortuitous potential loss (reduction in the quality, quantity, or value of something) associated with an insurance policy.
(cargo insurance) Specific exposure to fortuitous potential loss, damage, or delay to a shipment. Elements that relate to marine insurance risk include: type of merchandise shipped, perishability of merchandise, value of shipment, physical size of shipment, countries of origin, transshipment and destination, method of shipment, company transporting the shipment, and packaging (including whether the shipment is palletized, crated, barreled, or containerized). Insured risk will only cover “fortuitous” events and not those e inevitable, reasonably preventable, or done purposely.

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