ocean shipping, the loss or damage sustained by a ship or its cargo, or
the amount payable by the owner of the ship and the owners of the cargo
to make good such loss or damage.
is of two classes - particular and general.
A particular average is borne entirely by the owner (or his insurer)
of the particular property which is lost or damaged, whether a part of
the ship or of its cargo. The
loss of or damage to any particular property cannot be assessed among
all the cargo owners. A general
average, however, is one incurred in the common interests of the ship
and cargo and is borne by all the parties interested in the ship and cargo,
in proportion to such interests as ascertained by persons known as average
adjusters. Jettison (throwing
overboard a certain part of the cargo in order to save the rest) is a
loss that would be defined as a general average.