general average

noun

Definition of general average

: a loss that arises from the voluntary sacrifice of part of a ship or cargo to save the residue of the ship or cargo or from extraordinary expenses incurred in protecting the interests involved under pressure of a common risk and that is shared proportionally by all parties concerned — compare particular average

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Cite this Entry

“General average.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/general%20average. Accessed 24 Oct. 2020.

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