general average loss


general average loss
See general average.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • 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 loss — Loss at sea commonly sustained when cargo is thrown overboard to save ship. Such loss is generally shared by shipowner and owners of cargo. See general average contribution jettison …   Black's law dictionary

  • general average loss — Loss at sea commonly sustained when cargo is thrown overboard to save ship. Such loss is generally shared by shipowner and owners of cargo. See general average contribution jettison …   Black's law dictionary

  • 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/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 — 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 — that part of the law merchant that provides that a loss incurred to save a vessel or cargo is distributed between all those benefiting thereby as parties to the maritime adventure. This encourages the jettisoning of cargo for the safety of all.… …   Law dictionary

  • 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 contribution — Such arises from an ancient maritime doctrine making all participants in a maritime venture ratably responsible for losses incurred for their common good. Atlantic Richfield Co. v. U.S., C.A.Tex., 640 F.2d 759, 764. Contribution by all parties in …   Black's law dictionary

  • general average contribution — Such arises from an ancient maritime doctrine making all participants in a maritime venture ratably responsible for losses incurred for their common good. Atlantic Richfield Co. v. U.S., C.A.Tex., 640 F.2d 759, 764. Contribution by all parties in …   Black's law dictionary


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