Nautical Term: GA
Definition of GA
General Average (GA) refers to a maritime legal concept that allows all parties involved in a voyage to share in the losses incurred as a result of sacrificing property to save the ship and its cargo.
For instance, if a ship’s cargo caught fire, and the crew had to jettison some of the cargo to prevent the ship from sinking, then the losses incurred from the sacrificed cargo would be considered as part of the General Average. In such a scenario, all parties involved in the voyage would share in the losses through a General Average adjustment.
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