What is general average?
General Average is a term utilized within the maritime industry to refer to a scenario where the expenses incurred in saving a ship or its cargo are divided equally among all stakeholders with an interest in the ship or cargo. This principle is founded on the idea that all parties benefiting from the safe conclusion of a voyage should proportionately contribute to the costs of safeguarding the vessel or cargo during emergencies. Examples of general average situations include a stranded vessel or vessel crash.