Average
Glossary of Technical Terms, Phrases, and Maxims of the Common Law · Frederic Jesup Stimson · 1881
Glossary of Technical Terms, Phrases, and Maxims of the Common Law
1.
A service with cattle, due to a lord by his tenant.
2.
A medium, mean.
3.
A loss or damage to ship or cargo at sea.
4.
The adjustment or apportionment of such loss among the owners and underwriters.
5.
A small duty paid the master for care of the cargo, over and above his freight. General average: wlien part of a ship's cargo is destroyed or injured in order to save the ship, the loss is apportioned among the proprietors in general or their underwriters.
Also called Gross average
Particular average: partial loss or damage to goods which must be borne by the owner, and is settled by the underwriters according to the ratio which the goods lost bore to the whole goods insured. This is called an Average, or partial loss. Petty average: small charges paid by the master for the benefit of the ship and cargo, such as pilotage, towage, anchorage, etc.