What is a General Average?« Back to Questions List

Posted by marinetales
Asked on July 8, 2021 1:29 pm

General Average is a sum of money that all parties to the venture have to pay to any one member who suffers a partial loss during the voyage. If a cargo owner does not pay his contribution, then the ship owner will have a ‘lien’ on the cargo.

Posted by marinetales
Answered On July 8, 2021 1:30 pm