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.

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.

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

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 guarantee to the ship owner in writing from an insurer, bank or other party, to pay the amount of the adjusted contribution of the cargo owner.

The sacrifice of property exposed to risk in a maritime adventure, in time of peril, for the purpose of preserving the remainder of the interests from a total loss.

A period after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.

The tonnage of a ship as registered before deduction of light and air spaces, machinery and navigating spaces and other parts of the vessel, to arrive at the net registered tonnage.