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LSDefine

Simple English definitions for legal terms

general average loss

Read a random definition: adiratus

A quick definition of general average loss:

General average loss is a type of loss that happens at sea when part of a ship's cargo is thrown overboard to save the rest of the cargo and the ship from danger. This loss is shared equally by all the people involved in the venture. It is different from other types of losses, like direct loss, which happens immediately after an event, or consequential loss, which happens as a result of damage.

A more thorough explanation:

Definition: A loss incurred at sea usually when cargo is thrown overboard to save the ship. It is a loss due to the voluntary and intentional sacrifice of part of a venture (usually cargo) to save the rest of the venture from imminent peril. Such a loss is borne equally by all the interests concerned in the venture.

Example: A ship carrying cargo encounters a storm and starts taking on water. To prevent the ship from sinking, the captain decides to throw some of the cargo overboard. The cargo that was thrown overboard is considered a general average loss, and the cost of the loss is shared equally among all parties involved in the venture.

Explanation: The example illustrates how a general average loss occurs when part of a venture is intentionally sacrificed to save the rest of the venture from imminent peril. In this case, the cargo was thrown overboard to prevent the ship from sinking, and the cost of the loss is shared equally among all parties involved in the venture.

general-average contribution | general-average statement

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babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
JumpySubsequentDolphin
16:39
im allergic to baby cats >:(
JumpySubsequentDolphin
16:40
I used to have a babycat, I only got allergies after he died
JumpySubsequentDolphin
16:40
I think he’s haunting me
babycat
16:40
:(
babycat
16:40
that's too bad
babycat
16:40
you still have me though <3
@babycat: you make my day marginally happier with your scathing wit
16:43
New Father John Misty album out today
16:44
People saying it’s his best yet by far
babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
2big2fail
16:52
but then again, perhaps not
JumpySubsequentDolphin
16:53
damn no ucla wave
16:56
Hey guys! chance me 340/340GRE- 2 years work experience at PIL and wrote compelling statements. but my masters gpa is kinda 3.1 because I was domestically abused. :p
babycat
16:59
schools mostly care about your undergrad GPA
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