ship's proportion of general average

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• General average/New version — Average in maritime commerce to signify damages orexpenses resulting from the accidents of navigation. Average is either general or particular. General average arises when sacrifices have been made, or expenditures incurred, for the preservation… …   Wikipedia

• General average — Average Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship… …   The Collaborative International Dictionary of English

• general average — A contribution by all the parties in a sea adventure to make good the loss sustained by one of their number on account of sacrifices voluntary made of part of the ship or cargo to save the residue and the lives of those on board from an impending …   Ballentine's law dictionary

• Average — Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship or cargo …   The Collaborative International Dictionary of English

• average — A mean proportion, medial sum or quantity, made out of unequal sums or quantities. Brisendine v. Skousen Bros., 48 Ariz. 416, 62 P.2d 326, 329. In ordinary usage the term signifies the mean between two or more quantities, measures, or numbers. If …   Black's law dictionary

• average — A mean proportion, medial sum or quantity, made out of unequal sums or quantities. Brisendine v. Skousen Bros., 48 Ariz. 416, 62 P.2d 326, 329. In ordinary usage the term signifies the mean between two or more quantities, measures, or numbers. If …   Black's law dictionary

• average — 1) A single number used to represent a set of numbers; mean. See arithmetic mean; geometric mean; median; weighted average 2) A partial loss in marine insurance (from French: avarie, damage). In general average (GA), a loss resulting from a… …   Big dictionary of business and management

• On an average — Average Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship… …   The Collaborative International Dictionary of English

• Particular average — Average Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship… …   The Collaborative International Dictionary of English

• Condition of average — Illustration of the partial payout of Sum Insured against probability of occurrence Condition of average (also called underinsurance[1] in the U.S., or principal of average[2], su …   Wikipedia

• naval ship — Introduction       the chief instrument by which a nation extends its military power onto the seas. Warships protect the movement over water of military forces to coastal areas where they may be landed and used against enemy forces; warships… …   Universalium