Averages
/ˈævərɪdʒɪz/
Definitions
- (n.) Plural form of average, which refers to a general term in maritime law and insurance describing compensation for loss shared among all parties in a maritime venture.
The averages were calculated to determine each shipowner's share of the loss.
Forms
- average
Related terms
See also
Commentary
In legal contexts, 'averages' most commonly appears as the plural of 'average,' particularly in maritime insurance where 'general average' principles govern shared losses.
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