general average

American  

noun

1. Insurance. any damage or loss to a ship or its cargo voluntarily sustained, as freight jettisoned in a storm, by all parties to a voyage (distinguished from particular average). G.A.

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general average British  

noun

1.  GA.  insurance loss or damage to a ship or its cargo that is shared among the shipowners and all the cargo owners Compare particular average

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Etymology

Origin of general average

First recorded in 1690–1700

Example Sentences

Classic cases involved jettisoning cargo — if the crew had to lighten a ship’s load to avoid sinking and tossed some but not all cargo, under general average everyone chipped in for the loss.

From New York Times • Mar. 30, 2024

Michael Shifter, a senior fellow at the Inter-American Dialogue, a Washington think tank, said the 24% abstention is high in historical terms since the general average for non-participation has been 10%.

From Seattle Times • Mar. 27, 2023

Sanity is merely the general average of a community's general behavior.

From Time Magazine Archive

Only two made a general average of more than 75%.

From Time Magazine Archive

A constant general average would be consistent with wide variation in individual practices, on the principle of the "inertia of large numbers."

From The Value of Money by Anderson, Benjamin M.