- 91 -
The AFM policy did not provide benefits for damage to
packages below the $25,000 single occurrence deductible. Such
losses could also theoretically have exceeded EVC revenue.
However, petitioner's excess value losses were part of a very
large universe of shipments, and the ratio of losses to EVC's
remained consistent over many years and was therefore
predictable.48 The following schedule reveals the consistency of
claims paid by petitioner for damages in excess of $100:
47(...continued)
before the execution of the Shippers Interest contract.
48Petitioner had been engaged in a declared value program
since the 1950's.
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