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.
Popular Insurance Terms
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Insurance policy underwritten and issued by a syndicate listing each risk insured by each syndicate member. ...
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Signed receipt by policyowner acknowledging that policyowner is in possession of the policy. ...
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