Definition of "General average"

Marilyn Marich real estate agent
Marilyn Marich, Real Estate Agent RE/MAX 10 in the Park

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.

 

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