General Average

Definition of "General average"

Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses and damages are paid by those with an interest in the ship and its cargo in proportion to their values exposed to the common danger. Contrast with particular average.

Search Real Estate Glossary

Related Real Estate Glossary terms

Homeownership

Residing in a structure that the individual owns. ...

Tender Of Unearned Premium

Return of a prorated portion of premium after a policy is canceled by the insurer. Under most proper ...

Special Personal Property Form

Endorsement to the special multiperil insurance (smp) policy that provides all risks damage coverage ...

Accessory Building

A building that is secondary to the main structure on the property. ...

Sales Contract

Agreement between the seller and buyer involving the terms of sale. ...

Irrevocable

Something that cannot be changed. In life insurance, a beneficiary who has been named as irrevocable ...

Related Real Estate FAQ

What Is Long Term Care Insurance?

Long-term care refers to a broad range of medical and personal care services designed to assist indi ...

What Is Freddie Mac?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation cha ...

What Is A Mortgagee?

A morgagee is the lender. ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

What Type Of A Home Is A Condominium?

A condominium is a form of home ownership in which the owner owns the airspace within the walls but ...

What Are The Benefits Of Liability Insurance?

General Liability Coverage includes: Bodily Injury Liability Coverage: Help protect you in case ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

What is Earnest Money Build or Buy? That’s the Big Question When to buy a house What is the Best Time of Year to Buy a Home? Short Sale Homes

FAQ

What is a front-end ratio? What is a buyer’s agent? How Much Income Do I Need ? What is a mortgagor? What is a conventional mortgage?