General Average


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Related to General Average: Particular average

General Average

Provision in maritime law where all shippers on a given voyage would reimburse the ship line in the event of vessel sinking or catastrophic damage. It also provides for the reimbursement to those shippers whose cargo was thrown overboard in order to save the vessel.

General Average

In maritime law, a form of insurance with the condition that if one company's cargo must be thrown overboard in order to save the ship from sinking, all other companies with cargo on the ship pay restitution. The form of the general average is agreed upon in advance; normally, the companies pay in proportion to the amount of cargo they each had on the ship. This is done to reduce risk to all companies using a ship to transport their goods.
References in periodicals archive ?
A general average act appears to be a legal principle that survives from the maritime legal codes of the Island of Rhodes,1 circa 900-800 BC (Paulus 230 BC).
In Tripoli, the average for this time last year was 586 millimeters and the general average was 454 millimeters.
Keep in mind that the General Average (GA) part of Bill of Lading contracts means that cargo effectively becomes a joint venturer in any effort to save the ship.
The author discusses the requirements for declaring general average, reviews interpretations and rulings regarding general average situations, and relates general average rules to international maritime rules and marine insurance laws of different countries.
54 per cent] and others whose rate of increase was below the general average.
The average price fetched by Donyi Poli of Arunachal Pradesh is above the general average and ranked top quality teas.
Framework contract for the provision of services in connection with the operation of general average linkage (see above).
DHL, the world's leading logistics company, today announced a general average price increase of 5.
Voluntary ex ante transparency notice: additional services "elimination of the effects of general average in 2014" - addendum no.
Contract award: supply of glass insulators to eliminate the effects of general average .
034%, consistent with the general average copper values within the leach-cap zones that sit on top of known porphyry deposits of the southwest USA and northwest Mexico (for example Asarco's Silver Bell Mine and Grupo Mexico's; Cananea and La Caridad Mines).

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