20:49
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LSDefine
Simple English definitions for legal terms
petty average
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A quick definition of petty average:
Petty average is a type of damage or loss that can happen to a ship or its cargo during a voyage. It is different from general average, which is when everyone involved in the voyage shares the cost of a big sacrifice made to save the ship or cargo. With petty average, only the person who suffered the loss has to pay for it. It's like dropping your ice cream cone and only you have to buy a new one.
A more thorough explanation:
Petty average is a type of particular average in maritime law. It refers to accidental partial loss or damage to an insured ship or its cargo during a voyage. The liability for this type of average is borne solely by the person who suffered the loss.
For example, if a ship's cargo is damaged due to rough weather during a voyage, the owner of the cargo would be responsible for the cost of the damage. This is because petty average only applies to losses that are specific to one party, rather than losses that affect the entire voyage (which would be general average).
Overall, petty average is a term that is specific to maritime law and refers to a particular type of loss or damage that can occur during a voyage.