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Property Bldg. Laws Safeguards General Liability Emp, Benefit Liab. Employer Liability Aircraft Products Liab. Sexual Harassment Dir. & Officers Liab. Professional Liability Elect. Data Proc. Cov. Kidnap or Ransom
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[G012]
In ocean marine insurance, a loss which is common to all interests, such as the hull owners, the cargo owners and the receivers of the freight and charges, etc., which may arise due to a peril to the entire venture, which requires a sacrifice or expenditure for the benefit of all. An example is the stranding of the vessel wherein the vessel must engage a tug to remove her from the strand. Without the tug's assistance, all would be lost. The expenses incurred are shared pro rata based on the value of each interest, whether insured or not.
(See Particular Average, Contributory Value Clause, General Average Bond, General Average Deposit, Jettison, and Sacrifice.)
Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100