Inland & Ocean Marine
In ocean marine insurance, 'general average' means:
Answer
A loss incurred for the common good that is shared by all parties to the venture
'GENERAL AVERAGE — In Ocean Marine Insurance, a loss incurred for the common good that is shared by all parties to the venture.' A marine insurer 'is liable for his proportion of all general average loss assessed upon the subject matter insured.'
Source: Conn. Insurance Dept., Glossary of Insurance Terms; Cal. Ins. Code §§1968, 1995
Not the answer
- The insurer's refusal of the claim
- A partial loss borne only by the owner of the damaged property
- A total loss of the vessel
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