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 ship [..]

A loss due to a successful voluntary sacrifice of any part of a vessel or cargo to avoid loss of the whole vessel or cargo. The value of such a loss is apportioned among all customers and the vessel i [..]

See Marine Cargo Insurance.

Definition A term usually used in marine insurance to describe a partial loss that was sustained in order to avoid irreparable damage to the entire undertaking.

a loss made intentionally to save the total venture. For example, throwing cargo overboard in order to save a ship from a particular peril. All parties involved, eg ship, cargo, and freight, proportio [..]

See Marine Cargo Insurance.

General average in maritime law refers to an average resulting from an intentional partial sacrifice of ship or cargo to avoid total loss. The proportionately liability is shared by all parties who ha [..]

When a cargo loss occurs and general average is declared during a voyage, especially when there are multiple shippers and commodities, the amount of the total loss is averaged against all the cargo on the vessel based on a valuation formula. The settlement of the claims are paid by each and every shipper or their insurance carrier based on the aver [..]

General indemnity made by all interests con­cerned - and in proportion to the financial value of property each had at stake for a maritime loss deliberately but reasonably incurred for the safety of t [..]

In ocean marine insurance, a loss incurred for the common good that is shared by all parties to the venture.

Loss arising through a voluntary sacrifice of any part of the ship or cargo, or an expenditure, to safeguard the ship and the rest of the cargo.

If all parties involved benefit from a sea voyage that is saved from disaster although at the expense of sacrificing property or incurring extra costs, it seems only fair that parties should then each [..]

General average is an unwritten, non-statutory, international maritime law which is universally recognized and applied. It is founded on the principle that vessel and goods are parties to the same ven [..]

Loss resulting from a voluntary sacrifice of any part of the vessel or cargo, or expenditure to safeguard the vessel and the rest of the cargo. When such a loss occurs, the ship owner and all cargo owners pay it on a pro rata basis.

In order to save a ship in peril of sinking during a storm, some of the cargo may have to be thrown overboard. The ship owner and the owners of the saved cargo obviously benefit at the expense [..]

An Ocean Marine coverage meaning a partial loss which has resulted from the voluntary and deliberate sacrifice of some cargo for the benefit of all concerned, and which must be shared by all [..]

A deliberate sacrifice or expenditure incurred for the common safety of a maritime adventure. Those interests that benefit from the sacrifice or expenditure contribute rateably towards the loss.

Designed to provide payment for ocean marine losses voluntarily incurred for the safety of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed.

Damages are deliberately incurred by the master of the vessel, including jettison of some of the cargo, or incurring towing charges in order to save the ship and cargo from a threatened peril. These c [..]

A loss incurred in ocean marine cargo insurance, where a claim is shared by all parties to the voyage.

During a marine venture, certain cargo may be deliberately sacrificed so that the rest of the cargo may be saved. All those with cargo on board must share in the loss of those whose cargo was sacrific [..]

A loss incurred in ocean marine cargo insurance, where a claim is shared by all parties to the voyage.

A partial loss incurred to save the total venture from destruction. Any such losses are prorated among all parties to the venture, including the parties whose interests first suffered such loss (e.g., [..]

In Ocean Marine Insurance, a loss incurred for the common good that is shared by all parties to the venture.

Declared upon vessel damage, whereupon shippers pay a certain percentage of damage incurred: carrier declares percentage of responsibility by all participants.

A maritime law where shippers agree to reimburse the damage done to a ship or cargo in case of a catastrophic event.

A term used to indicate losses resulting from voluntary sacrifices on the part of the master of a ship for the purpose of preserving the safety of a ship and the remainder of its cargo. Such losses mu [..]

A term applied to insurance policies, and more correctly defi ned as “general average loss”.  This is a loss caused by, or directly consequential on, a General Average Act. A General Average Act consists in an extraordinary sacrifice or expenditure which is (a) voluntarily and reasonably made or incurred, (b) in time of imminent peril, (c) for the [..]

A doctrine of marine law applicable to all ocean shipments whereby, when part of a marine cargo or part of the ship is deliberately sacrificed in the interest of saving the whole, owners of the sacrif [..]

In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss.

1. loss that affects all cargo interests on board a vessel as well as the ship herself.2. An internationally accepted rule of the sea which says when a peril threatens the survival of the ship, there may be sacrificed (thrown overboard) any cargo or supplies or ships' furnishings, and any expense incurred necessary to save the ship. If the ves [..]

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 [..]

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 ship [..]