In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of

Assessment: WAEC SSCE - Commerce - 1996 (Objective) Subject: Commerce

Question 1 Report

In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
Answer Details
In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of a general average loss. General average loss is a loss arising from a voluntary sacrifice made to protect the ship and the rest of the cargo during an emergency situation such as a storm, fire or piracy. In this situation, all parties involved in the voyage proportionally share the loss, including the owners of the sacrificed goods. The general average loss is calculated by dividing the total value of the saved ship and cargo by the value of the sacrificed goods.
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