General Average

Maritime law principle that a voluntary sacrifice or extraordinary expenditure made for the common safety of vessel and cargo is shared proportionally by all interests benefiting from the act. Typical examples are jettison of cargo to save the ship, extra towage in port of refuge, and salvage-related expenses. Calculation is governed by the York-Antwerp Rules (currently 2016) and administered by an average adjuster. Cargo interests post a general average bond and security deposit to obtain release of cargo before the adjustment is finalised, which can take years on complex casualties.