average

(insurance) A loss to a shipment of goods that is less than a total loss. It comes from the French word avarie, which means “damage to ship or cargo,” (and ultimately from the Arabic word awarijah, which means “merchandise damaged by sea water”).
(a) A particular average is an insurance loss that affects specific interests only.
(b) A general average is an insurance loss that affects all cargo interests on board the vessel as well as the ship herself.
See particular average; general average; with average; free of particular average; deductible average.

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