Expenditure incurred by the ship owner in connection with a general average act, such as the hiring of tugs to free a stranded vessel or to tow it into port.

A motorised vehicle with fork-like lifting apparatus, used for cargo handling.

An extension of cover available under contractors all risks policies. Whilst the extension provides cover for loss or damage arising from faulty design, it does not cover the expense of repairing, modifying, replacing or renewing the part with the faulty design, nor any cost or expense incurred by betterment or alteration in design.

A receipt issued by a ship owner to the payer of a general average deposit, giving details of the interest and contribution due.

In general, any false writing with intent to defraud.

A term of sale meaning “free alongside ship”. The seller is responsible for the goods and all charges until the goods are delivered alongside the overseas vessel to await loading.

The adjustment drawn up by the appointed Average Adjuster
indicating the proportions of the interested parties. It is a complex process and may take several years to prepare.

An act of God. Any occurrence completely beyond human control and which could not have been avoided by foresight; a superior power; circumstances beyond one’s control. Example: an earthquake.

The price that a willing buyer would pay a willing seller, neither being under any compulsion to sell or buy.

A maritime legal principle, separate and apart from marine insurance, whereby all parties to an adventure, who benefit from a sacrifice or expenditure incurred in preserving an imperilled adventure, must each contribute rateably to make good the amount sacrificed or the expenditure incurred.