1. It’s the codification of the laws of General Average, the maritime principle that specifies that all parties involved in a sea-venture must proportionately share the losses that results from sacrifices made to the cargo to save the remainder.
2. Under these rules, a danger must be imminent and there must be a voluntary jettison of a portion of the ship’s cargo in order to save the whole and the attempt to avoid the danger must be successful.
3. If the above is true, then all parties involved in the maritime adventure must share proportionately the financial burden of the losses incurred to the owner of any cargo that was jettisoned to save the vessel.