general average

maritime law

Learn about this topic in these articles:

In average
A general average is one that is borne in common by the owners of all the property engaged in the venture.
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In maritime law: Historical development
…the basic law of “general average,” which the Digest attributes to the Rhodians. “Average” here means any loss sustained by a vessel or its cargo. When one segment of a maritime venture is sacrificed to save the others, the average is described as general, and the owners of the…
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In maritime law: Salvage and general average
General average (defined at the beginning of this article) is a principle still universally accepted, although there is some agitation for its abolition, principally because the accounting and other expenses incurred in administering a general average are often quite out of proportion to the amounts…
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