general average
Law noun
A principle of maritime law under which loss or expenditure voluntarily and reasonably incurred to save a common maritime adventure is shared rateably among all interests benefited.
The jettison of deck cargo to refloat the vessel was declared general average and apportioned among ship, cargo and freight.
Business noun
The principle that all parties in a sea venture share proportionally in a loss deliberately incurred to save the whole.
When the captain jettisoned cargo to refloat the ship, every shipper contributed under general average.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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