Average
Legal Definition and Related Resources of Average
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Average
Medium, mean proportion. The term is important in marine law. The mean proportion, or quantity made out of an equal sum. Brisendine v Skousen Bros., 62 P.2d 326, 48 Ariz. 416. The law of general Averages is an important part of marine law. Refers to the equitable principle that where an expense is purposely incurred or sacrifice is made or damage suffered for the safety of a vessel or its cargo or freight , then an equitable adjustment and distribution of the loss shall be made between all interested parties and the loss is proportionately borne by all. The classic example is the case where, in order to save the ship, some of its cargo is thrown overboard; in such a case, the several persons interested in the ship, cargo and freight must contribute rateably to indemnify the person whose goods have been sacrificed against all but his proportion of the general loss. A general average is to be distinguished from particular average in that the latter is an expenditure made for the purpose of forestalling the occurrence of disaster to a particular interest or diminishing the loss resulting therefrom.
Average Alternative Definition
In marine Insurance. Loss or damage to a part of the vessel or cargo insured. The contribution due from one owner to another, on a partial loss. General Average (also called gross) average consists of expense pui posely incurred, sacrifice made, or damage sustained for the common safety of the vessel, freight, and cargo, or the two of them, at risk, and is to be contributed for by the several interests in the proportion of their respective values exposed to the common danger, and ultimately surviving, including the amount of expense, sacrifice or damage so incurred in the contributory value. 2 Phil. Ins. § 1269 et seq.; and see 2 Curt. C. C. (U.S.) 59; 9 Gush. (Mass.) 415; 93 Ky. 102; 5 Ohio, 307; 3 Wall. (U.S.) 370; 3 Kent, Comm. 232. Particular Average (also called partial loss) is an accidental loss on the ship, cargo, or freight, to be borne by the owner of the subject on which it happens, and is so called in distinction from general average, and, if not total, it is also called a partial loss. 2 Phil. Ins. c. 16; 3 Bosw. (N. Y.) 395; 4 B. Men. (Ky.) 164.
Financial Definition of Average
An arithmetic mean of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the current prices of the 30 DJIA's stocks, and divides the results by a predetermined number, the divisor.
Synonyms of Average
(Midmost), adjective
center
centermost
intermediate
mean
meanpropor doned
medial
median
mediate
medium
mid
middle
middle class
middle grade
middlemost
middling Associated Concepts: average annual earnings or wages
average capital
average charges
average daily attendance
average daily balance
average daily wage
average price
average speed
average value
average weekly wage
general average
gross average
income averaging
particular average
petty average
simple average
(Standard), adjective
common
commonplace
conventional
fair
mediocre
moderate
normal
normative
ordinary
passable
prosaic
stock
typical
unexceptional
unnoteworthy
usual
Associated Concepts: average man
average person
average quality
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Average in Historical Law
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Legal Abbreviations and Acronyms
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Related Legal Terms
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Mentioned in these terms
Allowance, Composite Account Method, Daily Balances, F.a.a., F.g.a., General Average, Group Insurance, Income Averaging, Malpractice, Mental Retardation, Merchantable, Merchantability, Mortality Tables, Particular Average, Pornographic.
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Notice
This definition of Average is based on the The Cyclopedic Law Dictionary. This entry needs to be proofread.
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https://dictionarylaw.substack.com/p/average/: The URI of Average (more about URIs)
English Legal System: Average
In the context of the English law, A Dictionary of Law provides the following legal concept of Average:
1. (in marine insurance) A loss or damage arising from an event at sea.
2. A reduction in the amount payable under an insurance policy in respect of a partial loss of property. All marine insurance policies are subject to average under the Marine Insurance Act 1906; other policies may be subject to average if they contain express provision to that effect (an average clause).
In maritime law, the expression general (or gross) average is used in relation to certain acts, to the losses they cause, and to the rights of contribution to which they give rise. A general-average act consists of any sacrifice or expenditure made intentionally and reasonably to preserve property involved in a sea voyage. For example, the jettisoning of some of a ship's cargo to keep it afloat during a storm is a general-average act. The loss directly resulting from a general-average act is called general-average loss and is borne proportionately by all whose property has been saved. The owner of jettisoned cargo, for example, is entitled to a contribution from other cargo owners as well as the shipowners; such a contribution is called a general-average contributio The principle of general average is common to the laws of all maritime nations, but the detailed rules are not uniform. To overcome conflict of law, a standard set of rules was agreed in the 19th century at international conferences of shipowners and others held at York and Antwerp. These, known as the York-Antwerp rules, do not have the force of law, but it is common practice to incorporate them (as subsequently amended) in contracts of *affreightment, thereby displacing national laws. The basic principle is that an insured who has suffered a general-average loss may recover the whole of it from his underwriters without enforcing his rights to contribution; these become enforceable by the underwriters instead.
By contrast, particular average (also called simple or petty average) relates purely to marine insurance. It consists of any partial loss that is not a general-average loss (for example, the damage of cargo by seawater). It is therefore borne purely by the person suffering it and is frequently covered by a policy only in limited circumstances. A ship sold free from average is free from any claims whatsoever.
Average in Admiralty Law
For information on average in this context, see the entry on average in the maritime law encyclopedia.
Meaning of Average
In this law dictionary, the legal term average is a kind of the Maritime law class.
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See Also
Shipping
Maritime law