General average

general average
expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo.

GENERAL AVERAGE - Provision in maritime law where all shippers on a given voyage would reimburse the sh...
GENERAL AVERAGE CONTRIBUTION - The amount of money paid by each shipper involved in a General Average.

General Average
Abbreviation: G/A
Intentional act or sacrifice which is carried out to safeguard vessel and cargo. When a vesselis in danger, the master has the right to sacrifice property and/or to incur reasonableexpenditure.

General Average
1. loss that affects all cargo interests on board a vessel as well as the ship herself.
2.

General Average Security.
Documents the cargo owner presents to the General Average Adjuster to replace the vessel owner's maritime lien on cargo for its share of General Average and to obtain release of the goods by the Steamship Company. G.A.

General Average Contribution
The amount of money paid by each shipper involved in a General Average.
General account
Federal Reserve Board's term for a margin account provided to a customer by a brokerage firm. Governed by Regulation T of the FED.

Freight rate Â- General average
Marine insurance Â- Marine salvage
Maritime lien Â- Ship mortgage
Ship registration Â- Ship transport
Shipping ...

(2) The timber in each particular case will be valued on its own merits and not on the basis of general averages for regions; however, the value placed upon it, taking into consideration such factors as those mentioned in this paragraph, ...

A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'.

The amount of money paid by each shipper involved in a General Average.
General account ...

The York Antwerp Rules are a codification of the law of general average, ...

See also: Expense, Tariff, Administration, Acquisitions, Banks