- a charge paid by the master of a ship for such services as pilotage or towage.
- an expense, partial loss, or damage to a ship or cargo.
- the incidence of such an expense or loss to the owners or their insurers.
- an equitable apportionment among all the interested parties of such an expense or loss.Compare general average, particular average.
verb (used with object), av·er·aged, av·er·ag·ing.
verb (used without object), av·er·aged, av·er·ag·ing.
- to come out of a security or commodity transaction with a profit or without a loss.
- to reach an average or other figure: His taxes should average out to about a fifth of his income.
- average adjuster,
- average deviation,
- average joe,
- average revenue,
- average speed
Origin of average
- a loss incurred or damage suffered by a ship or its cargo at sea
- the equitable apportionment of such loss among the interested parties
Word Origin for average
late 15c., "financial loss incurred through damage to goods in transit," from French avarie "damage to ship," and Italian avaria; a word from 12c. Mediterranean maritime trade (cf. Spanish averia; other Germanic forms, Dutch avarij, German haferei, etc., also are from Romanic languages), of uncertain origin. Sometimes traced to Arabic 'arwariya "damaged merchandise," but this might as easily be a borrowing of the word from the Franks. Meaning shifted to "equal sharing of such loss by the interested parties." Transferred sense of "statement of a medial estimate" is first recorded 1735. The mathematical extension is from 1755.
on the average
As a rule, usually, as in On the average, about 15 percent of the freshmen class will drop out before graduation. This expression uses average in the sense of “a norm or standard.” [First half of 1700s]