general average

general average

noun
Insurance. any damage or loss to a ship or its cargo voluntarily sustained, as freight jettisoned in a storm, by all parties to a voyage (distinguished from particular average). Abbreviation: G.A.

Origin:
1690–1700
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2012.
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General average is always a great word to know.
So is lollapalooza. Does it mean:
a gadget; dingus; thingumbob.
an extraordinary or unusual thing, person, or event; an exceptional example or instance.
Collins
World English Dictionary
general average
 
n
insurance Compare particular average GA loss or damage to a ship or its cargo that is shared among the shipowners and all the cargo owners

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