General average losses

{
  "id": "MLC-T-INS-001630",
  "term": "General average losses",
  "field": "Insurance and risk management",
  "definition": "A principle in maritime law where all parties involved in a sea venture (ship owner, cargo owners) proportionally share the financial losses resulting from extraordinary sacrifices or expenses voluntarily incurred to save the entire venture from an imminent peril. For example, jettisoning cargo to lighten a ship during a storm constitutes a general average act. These losses are adjusted according to the York-Antwerp Rules, an international standard.",
  "url": "https://mlchart.com/terminology/insurance/general-average-losses/"
}