Marine Engineering

General Average: 1. General average is an ancient form of spreading the risk of sea transport and existed long before marine insurance. General average means general loss‘, as opposed to a particular loss under marine insurance. 2. It is defined in the rules of YORK-ANTWERP rule as ― There is a general average act when and only when any extraordinary sacrifice or expenditure is intentionally and reasonably made or incurred for the common safety for their purpose of preserving from peril, the property involved in a common maritime adventure. 3. The general average loss are shared by all parties to the common maritime adventure, each parties contributing proportions depend on his share of total value saved. The parties involved in the common maritime adventure are Shipowner Each consignee The recipient of the freight (Shipowner/ Charterer) When any equipment is installed on the vessel by a third party, he also a party 4. The five major components of a general average loss is th...