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. Bloomberg Financial Dictionary

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general average general average average2

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general average UK US noun [U] INSURANCE, LAW
an agreement in which the cost of damage to a ship or the goods it is carrying is shared by the shipping company and the owners of the goods if it becomes necessary to save either the ship or the goods in an emergency: »

While general average traces its origins in ancient maritime law, it remains part of the law of most countries.

Compare PARTICULAR AVERAGE(Cf. ↑particular average)

Financial and business terms. 2012.

Look at other dictionaries:

  • General average — Average Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship… …   The Collaborative International Dictionary of English

  • General average — General Gen er*al, a. [F. g[ e]n[ e]ral, fr. L. generalis. See {Genus}.] 1. Relating to a genus or kind; pertaining to a whole class or order; as, a general law of animal or vegetable economy. [1913 Webster] 2. Comprehending many species or… …   The Collaborative International Dictionary of English

  • general average — that part of the law merchant that provides that a loss incurred to save a vessel or cargo is distributed between all those benefiting thereby as parties to the maritime adventure. This encourages the jettisoning of cargo for the safety of all.… …   Law dictionary

  • General average — The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.… …   Wikipedia

  • general average — A contribution by all the parties in a sea adventure to make good the loss sustained by one of their number on account of sacrifices voluntary made of part of the ship or cargo to save the residue and the lives of those on board from an impending …   Ballentine's law dictionary

  • general average — Gross Gross, a. [Compar. {Grosser}; superl. {Grossest}.] [F. gros, L. grossus, perh. fr. L. crassus thick, dense, fat, E. crass, cf. Skr. grathita tied together, wound up, hardened. Cf. {Engross}, {Grocer}, {Grogram}.] 1. Great; large; bulky;… …   The Collaborative International Dictionary of English

  • general average — noun : a loss that arises from the voluntary sacrifice of part of a ship or cargo to save the residue of the ship or cargo or from extraordinary expenses incurred in protecting the interests involved under pressure of a common risk and that is… …   Useful english dictionary

  • general average — Insurance. any damage or loss to a ship or its cargo voluntarily sustained, as freight jettisoned in a storm, by all parties to a voyage (distinguished from particular average). Abbr.: G.A. [1690 1700] * * * …   Universalium

  • general average — GA See average …   Big dictionary of business and management

  • general average — noun Law the apportionment of financial liability for the loss arising from the jettisoning of a ship s cargo by dividing the costs among all those whose property was preserved by the action …   English new terms dictionary

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