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Independent Compliance Services Pty Ltd

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Tel: (021) 402 1600
Fax: (021) 402 1616
Address:
Ovenstone House 8
6th Floor
St. Georges Mall
Cape Town
8001

Financial, Real Estate And Business Services

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From The Glossary »

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Average Clause:

A clause in a policy requiring that, where assets are insured for less than their full value, the insured is required to bear a proportion of any loss. The proportion is the amount by which the assets are under insured, expressed as a percentage of its indemnity value, at the time of the loss. In marine insurance it refers to loss.
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