General Average

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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 ?
Changes in the York-Antwerp Rules as a Consequence of the "Effect" of International Trade: Response to Environmental Concerns
Such codes--and the York-Antwerp Rules are among them--are the distillation of the thoughts of dedicated men and the accord they represent is reached through the process of reason, negotiation and compromise to achieve that which may not be perfect, but which blends principles and practices in such a way as to be both workable and enduring.
The York-Antwerp Rules have evolved iteratively over the years.
Establishment of the International rules: - The Glasgow Resolution 1860 - The York rules of 1864 - The York-Antwerp Rules 1877, 1890, 1924, 1950, 1974 & 1994