General Average

General Average is the share paid by each party interested in any maritime venture for any expenses that have been voluntarily incurred for the advantage of the parties involved. Part of the cargo or part of the ship itself may be sacrificed for the sake of the remainder, and if this loss be not due to imperfect stowage or to fault of the master it is recovered by the general average. The settlement of this average is often a question of much complexity, and is arranged by special accountants known as average adjusters. Difficulties occur in the lack of agreement between the codes of rules adopted in the different countries, but the York-Antwerp code formed in 1877 is being gradually adopted, by reason of its special mention in bills of lading and insurance policies. [Particular Average.]