General Average

General average is the maritime-law principle that a loss or expense deliberately and reasonably incurred for the common safety of ship and cargo (jettison, salvage, a deviation to a port of refuge) is shared rateably by all the interests saved, in proportion to their values at the place where the adventure ends. The York-Antwerp Rules, last revised in 2016, govern the adjustment by contractual incorporation, typically through a charter or bill-of-lading clause; the modern rules impose a strict one-year time bar on the adjuster.