Upon arrival at the port of destination, a shipment of electronic equipment was found to have sustained loss by an insured peril under the applicable open cargo policy. A claim representative of the insurer determined that the gross sound value (value before loss) of the shipment was $350,000 and the damaged value (value after loss) was $300,000. The shipment was insured for $385,000 with a $1,000 deductible. Calculate the amount payable for this claim under the open cargo policy.