What Does General Average Loss Mean?
What does General Average Loss mean? Read on to discover the definition & meaning of the term General Average Loss - to help you better understand the language used in insurance policies.
General Average Loss
Ocean marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property (jettison); each party shares in the loss in proportion to his total interest in the property being transported.
We hope the you have a better understanding of the meaning of General Average Loss.
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