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 ?
Particular average is partial loss or partial damage caused fortuitously by a peril insured against and thus does not include damage voluntarily incurred, such as general average damage.
In additional to the principals outlined in Chapter 12 of CCL, Saudi Courts may take into account the contractual rules of adjusting and claiming general average.
This correlation between trade and general average will continue to exist in the future as ninety percent of the world's cargoes are transported via ships (20)--ships that will always be exposed to perils at sea.
There is a general average act when and only when any extraordinary sacrifice or expenditure is intentionally and reasonably made or incurred for the common safety for the purpose of preserving from peril the property involved in a common maritime adventure.
It can also be observed that both DAT and high school general average showed low correlation to MTLE with a coefficient of correlation of -0.
AFS grain fineness is a weighted average of the 11 sieve sets and pans (AFS 1106-00-S) and is used as a general average when comparing different sands.
On May 06, 2009 it was declared as general average and on August 15, the ship sailed and reached Rangoon on August 27 last.
Under Rule A of the 2004 York-Antwerp Rules (which codify the principles of general averages), "there is a general average act when, and only when, any extraordinary sacrifice or expenditure is intentionally and reasonably made or incurred for the common safety for the purpose of preserving from peril the property involved in a common maritime adventure.
However, as depicted by odds ratio (>1), vitamin A intake from ALVs below general average (239.
Ao Keep up with the latest developments on General Average and the rules of loss adjustment and claim handling for the interest of all parties involved.
Of Taylor's seven adversaries a year ago, six of them improved on their general average against him, with only Wayne Mardle preventing the clean sweep.
Similarly, 2000 Census figures showed the median Black income in Maryland was 21 percent lower than the general average and 30 percent lower in Virginia.

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