UK:The contribution to general average losses by all interests at risk on the basis of their respective values. The contribution is recoverable under cargo policies if an insured peril has occurred. The insurer pays when the final account is apportioned but as this can take years a general average deposit is requested.
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The payment from a party in a marine venture to pay for a general average loss. It is in proportion to the value of his interest as compared with the total values of all interests in the venture.
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The proportionate shares of the vessel owner and each of the cargo owners in order to make up the expenditure or sacrifice incurred for the common good.