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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Unfortunately for Alaskans, none of these shipyards are located in the United States and US shipping laws require all vessels engaged in domestic trade be US owned and operated vessels.
TABLE A.1 Shipping Laws and Distribution Models Listed by State For links to Web sites of the Alcoholic Beverage Control offices for each state, log into www.cengagebrain.com and access the CourseMate that accompanies this text.
(240) See State Shipping Laws Map, WINE INSTITUTE, http://wineinstitute.shipcompliant.com/Home.aspx?SaleTypeID=1 (last visited Oct.
By flouting shipping laws and common business regulations, counterfeiters and producers of illegal goods can produce a profit for their operators while selling goods that appear to be up to par at a lower price.
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Courts in Florida, Ohio and Pennsylvania struck down the state wine shipping laws based upon the Supreme Court decision.
Ron Tupa of Boulder sponsored House Bill 06-1120, signed into law in April, to bring Colorado's wine shipping laws into compliance with Granholm.
Even better, thanks to a decision by the Supreme Court last year, the old wine shipping laws got a big shake-up.
Changes in wine shipping laws will make it easier to export wine from even the small local wineries to out-of-state buyers.
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Firearms shipping laws, in and of themselves, are surprisingly straightforward.