Glossary
Known Loss
Tags: Glossary,
A loss of cargo that is evident or recognized at the time of delivery.
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What does Known Loss mean?
In the context of shipping, a known loss is a term used to describe cargo that has been lost or damaged during transport and the loss or damage is already known before the shipment arrives at the destination. This could be due to various reasons such as damage to the cargo during loading or unloading, rough handling during transportation, or theft of the cargo. When a shipment arrives at the destination and it is discovered that the cargo has been lost or damaged, it is referred to as an unknown loss.
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