Phrase describing an ocean marine Policy on a cargo or vessel which excludes (or frees the Insurer from paying) particular averages, obligating the Insurer to pay only General Averages (refer “average, particular” and “average, general”). Some policies exclude only particular averages which are less than a specified percentage of the value of the insured cargo or vessel, thus providing coverage for large particular averages (as well as for all general averages). There are two types of particular averages clauses: (i) free of particular average-American conditions (EPAAC) and (ii) free of particular average-English conditions (FPAEC). These clauses modify the basic free of particular average clause by restoring in full particular averages caused by certain perils.
***
A clause, usually found in a marine insurance contract, that states losses less than certain amounts are not covered. This is essentially the same as a deductible.