Commonly Used Terms
General Average is a term associated with marine insurance. It refers to the percentage in which any damage occurring to cargo on board a vessel is shared by all the shippers. General average or the share applicable to a shipper is calculated in proportion to the value of his cargo in the event of grave situations where the safety of the ship, crew members, and cargo was jeopardized. It means the apportionment of losses amongst the parties involved in any maritime adventure in case of an extraordinary sacrifice or if the expenditure is made intentionally with the proper justification that the causes for the same involved preserve the other property from risk of being lost.
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