[J002]

jettison

In ocean marine insurance, the voluntary throwing overboard of part of the cargo or gear of the vessel to lighten the load and save the vessel from conditions of stress at sea. Because the jettison is done for the entire venture, the owner of the jettisoned goods is entitled to a general average, meaning, the loss is shared by all interests in the voyage, including the owners of the vessel and freight, as well as the owners of the cargo not thrown over.

(See General Average, and Sacrifice.)

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100