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 — 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 — 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 … Financial and business terms
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/New version — Average in maritime commerce to signify damages orexpenses resulting from the accidents of navigation. Average is either general or particular. General average arises when sacrifices have been made, or expenditures incurred, for the preservation… … Wikipedia
general average loss — ➔ loss * * * general average loss UK US noun [C] INSURANCE, LAW ► a loss in which the cost of damage to a ship or the goods it is carrying is shared by all the insurance companies, not only those that protect the damaged property: »A general… … Financial and business terms
general average contribution — The amount of money paid by each shipper involved in a general average. Bloomberg Financial Dictionary * * * general average contribution general average contribution ➔ contribution * * * general average contribution UK US noun [C] INSURANCE, LAW … Financial and business terms
general average bond — A kind of bond, also called an average bond, which it is customary and lawful for the master of a ship to exact as a condition precedent to the delivery of the cargo in case a dispute has arisen as to liability for general average, or where… … Ballentine's law dictionary
