The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.In the exigencies of hazards faced at sea, crewmembers often have precious little time in which to determine precisely whose cargo they are jettisoning. Thus, to avoid quarreling that could waste valuable time, there arose the equitable practice whereby all the merchants whose cargo was on board would be called on to contribute a portion, based upon a share or percentage, to the merchant or merchants whose goods had been tossed overboard to avert imminent peril.
Source:Wikipedia
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
President Trump’s vast tax and spending bill has secured funds the U.S. Coast Guard has been searching for since the early 2010s. The “One Big Beautiful Bill Act” appropriates close to $9 billion for the expansion of the Coast Guard’s Arctic icebreaker fleet.
Swiss marine power company WinGD will record the first installation of its new X-S short-stroke engine design following successful factory acceptance tests with engine builder Dalian Marine Diesel in March....
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
