A principle of maritime law under which all parties to a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency. General average has been a cornerstone of maritime commerce for centuries and is governed by the York-Antwerp Rules.
Category: Maritime Law & Regulations
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CabotageThe restriction of commercial shipping operations within a country's coastal waters to vessels flying the national flag.Classification SocietyAn organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures.Flag StateThe country in which a vessel is registered and whose flag it flies.IMOThe International Maritime Organization, a specialized agency of the United Nations responsible for regulating shipping.ISM CodeThe International Safety Management Code, adopted by the IMO, which establishes an international standard for the safe management and operation of ships and for pollution prevention.ISPS CodeThe International Ship and Port Facility Security Code, a comprehensive set of measures to enhance the security of ships and port facilities developed in response to the perceived threats to ships and port facilities after the September 2001 attacks.
Back to DictionaryEntry updated May 2026