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General average adjustment

Adjustment of a general average loss usually carried out by an average adjuster appointed by the shipowner. A statement of losses, values and proportionate contributions is prepared. The cost of the adjustment is part of the general average.
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A statement of losses, values and proportionate contributions prepared by an average adjuster nominated by the ship owner for the purpose of adjusting a general average loss.

General average agreement

Same as GENERAL AVERAGE BOND.
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When a general average occurs the carrier has a lien on the cargo to secure the consignee’s contribution. To remove this the consignee must deposit money or provide an insurer’s guarantee. Collaterally the consignee must execute a general average agreement (or average bond) undertaking to abide by the decision of the average adjuster and to accept liability for the general average contribution.

General average bond

Document required of cargo owners, after a general average loss, obtaining their agreement to pay any contribution that may become due. The bond, additional to the general average deposit, secures release of the goods. It authorises the shipowner to draw on the funds to defray any general average disbursements. The cargo owner obtains a general average guarantee from his cargo insurer who agrees to meet the insured’s general average contribution.

General Average Clause

A clause in ocean marine insurance that requires ship and freight interests other than the insured to respond to losses suffered by the insured interest when those losses result from voluntary, necessary and successful sacrifice of the insured’s freight because of shipping peril.

General average contribution

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.

General average deposit

Deposit paid by a consignee in return for delivery of the goods where the goods are subject to general average contribution. The deposit may be replaced by a general average guarantee.
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A deposit which a ship owner requires of a cargo owner as a condition of releasing his lien on cargo that is subject to a general average contribution.

General average expenditure

Expenditure, also called general average disbursements, incurred by a shipowner in connection with a general average act, e.g. hire of a tug to tow a stricken vessel to a port of refuge. Any damage to cargo during the operation is general average sacrifice. Port of refuge expenses are the most common form of general average expenditure and are recoverable from the general average fund. The hull insurer is not directly liable for these expenses. They are included in the final general average adjustment and incorporated in the general average contribution payable by the insurer in so far as it is recoverable under the policy.
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Expenditure incurred by a ship owner in connection with a general average act e.g., the hire of a tug to pull a vessel off a strand.

General Average for Loss

This is an extraordinary sacrifice or expenditure voluntarily and reasonably made at the time of common peril. All interests have to contribute to General Average. So far as cargo is concerned, the position is as follows: (a) If cargo is sacrificed, the owners of cargo can claim directly from their Insurers for the loss. (b) The owners of cargo saved can claim directly, from their Insurers, for their liability to “contribute” for general average losses. Both the above are subject to the cause of general average being an insured peril.