What does General Average Losses mean? Read on to discover the definition & meaning of the term General Average Losses - to help you better understand the language used in insurance policies.
General Average Losses
Maritime partial losses sustained from voluntary sacrifice, such as jettisoning part of the cargo, to save the ship or crew, or from extraordinary expenses incurred by one of the parties for everyone's benefit, such as the cost to tow a disabled vessel. General average losses are proportioned between the shipowner and cargo owners, usually according to the York Antwerp Rules.
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