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Glossary Term

Known Loss

Known Loss Definition:

Known loss refers to a cargo damaged or lost during shipping, and the damage or loss is acknowledged and documented before the delivery time.

Damage to the cargo during loading or unloading, rough handling, and cargo theft can result in shipment damage or loss. Carriers must report known loss once the vessel arrives at the destination and discovers that the cargo is damaged or lost. They should also take necessary action to compensate the shipper or consignee.

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