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.

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.

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.

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.

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.

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.

The accumulated general average deposits that are available for general average expenditure and, in due cou se, payment of the contributions.
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A fund collected jointly by a ship owner and his average adjuster consisting of general average deposits and available for the payment of general average expenditure, and eventually, of contributions.

An insurer’s undertaking to pay the contribution due towards a general average fund. It normally replaces a general average deposit.
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An insurer’s guarantee that may be accepted by a ship owner in lieu of a general average deposit.

Sacrifice or expenditure directly consequent upon a general average act. Unless specifically agreed the insurer is not liable for any general average loss where the loss was not curred for the express purpose of avoiding an insured peril or in connection with the avoidance of such a peril (Marine Insurance Act 1906, s.66(6)). See GENERAL AVERAGE.