Average (General Average, Particular Average)
A maritime shipping term referring to shared financial responsibility for losses incurred during a sea voyage.
Definition
A maritime shipping term referring to shared financial responsibility for losses incurred during a sea voyage.•General Average: Occurs when cargo owners share costs for damages or losses due to an intentional act to save the vessel or cargo (e.g. jettisoning cargo to prevent sinking).•Particular Average: Relates to damage or loss to an individual shipper's cargo rather than shared costs.
Related Terms
Actual Gross Weight
The total weight of a shipment including the product itself packaging materials pallets and any other shipping aids.
Accessorial Fees
Additional fees charged by carriers for services beyond standard transportation.
Advanced Manifest System (AMS)
A U.S. Customs system that requires cargo data (such as shipper consignee and cargo details) to be electronically submitted prior to a vessel's arrival.
Air Cargo
Goods transported via air carriers typically for urgent shipments or high-value products.
Air Waybill (AWB)
A document issued by an airline that serves as a receipt of goods for shipment and provides details about the cargo shipper consignee and conditions of transportation.
All-Risk Insurance
A comprehensive insurance policy that offers full coverage for cargo loss or damage except for exclusions explicitly stated in the policy.
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