StopLoss 11 - General Average for Non-vessel Operators

General Average is the system whereby a shipowner can recover the extraordinary expenses that he necessarily incurred following some maritime accident, in protecting the cargo and/or preserving the ship. The costs are apportioned between the ship, its fuel and stores and the cargo (including containers) in proportion to their values.

General Average is almost as old as maritime transport itself and is well recognised in all major shipping and trading jurisdictions. Thankfully, however, modern standards and technology make it comparatively rare, so traders and forwarders are often unaware of the steps they have to take when confronted by a GA situation.

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TT Club Loss Prevention

Date03/02/2006