General Average Flashcards
What is General Average?
General average loss or expenditure is an insured peril in every contract of marine insurance.
General Avg will only work if there are two or more parties involved.
What is General Average Sacrifice?
Any of the following to save the following to save the voyage or cargo:
Voluntary Stranding.
Jettison for common safety (ie Container on fire)
Slipping Anchor in time of Peril
Damaging other cargo while putting out a fire.
What is General Average Expenditure?
Port of refuge expenses
Hire of a tug to re float a grounded ship.
Cost of discharge to re-float a Stranded Ship.
What is the phrase that sums up General Average?
That which has been sacrificed for the benefit of all shall be made good by the contribution of all.
Who can declare General Average?
Any party involved in a Marine claim.
What Rules Govern General Average?
York-Antwerp
Who appoints an Average adjuster?
The Shipowner. (or any party involved in a Marine Claim)
What is an Average adjuster?
A type of independent arbitrator who is an expert in Maritime law and insurance.
What does an average adjuster do?
He investigates the matter and prepares an average statement.
How would you as Master declare General Average?
The Master would declare General Average at the place where the voyage ends.
The Shipowner would then appoint an Average adjuster who is a type of independent arbitrator.
