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

See Examples For:

general average

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

Blacks and the young, though positioning themselves lower on the ladder at present, were even more optimistic about their personal futures than the general average.

From Time Magazine Archive

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

From Time Magazine Archive

Money advanced on bottomry is not liable in England for general average losses.

From Encyclopaedia Britannica, 11th Edition, Volume 4, Slice 3 "Borgia, Lucrezia" to "Bradford, John" by Various