Average

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In marine Insurance. Loss or damage to a part of the vessel or cargo insured. The contribution due from one owner to another, on a partial loss. General Average (also called “gross”) average consists of expense pui posely incurred, sacrifice made, or damage sustained for the common safety of the vessel, freight, and cargo, or the two of them, at risk, and is to be contributed for by the several interests in the proportion of their respective values exposed to the common danger, and ultimately surviving, including the amount of expense, sacrifice or damage so incurred in the contributory value. 2 Phil. Ins. § 1269 et seq.; and see 2 Curt. C. C. (U.S.) 59; 9 Gush. (Mass.) 415; 93 Ky. 102; 5 Ohio, 307; 3 Wall. (U.S.) 370; 3 Kent, Comm. 232. Particular Average (also called “partial loss”) is an accidental loss on the ship, cargo, or freight, to be borne by the owner of the subject on which it happens, and is so called in distinction from general average, and, if not total, it is also called a partial loss. 2 Phil. Ins. c. 16; 3 Bosw. (N. Y.) 395; 4 B. Men. (Ky.) 164.

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In marine Insurance. Loss or damage to a part of the vessel or cargo insured. The contribution due from one owner to another, on a partial loss. General Average (also called “gross”) average consists of expense pui posely incurred, sacrifice made, or damage sustained for the common safety of the vessel, freight, and cargo, or the two of them, at risk, and is to be contributed for by the several interests in the proportion of their respective values exposed to the common danger, and ultimately surviving, including the amount of expense, sacrifice or damage so incurred in the contributory value. 2 Phil. Ins. § 1269 et seq.; and see 2 Curt. C. C. (U.S.) 59; 9 Gush. (Mass.) 415; 93 Ky. 102; 5 Ohio, 307; 3 Wall. (U.S.) 370; 3 Kent, Comm. 232. Particular Average (also called “partial loss”) is an accidental loss on the ship, cargo, or freight, to be borne by the owner of the subject on which it happens, and is so called in distinction from general average, and, if not total, it is also called a partial loss. 2 Phil. Ins. c. 16; 3 Bosw. (N. Y.) 395; 4 B. Men. (Ky.) 164.

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This definition of Average is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.


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