average
nounIn commerce, a contribution to a general loss. When for the safety of a ship in distress, any destruction of property is incurred, either by cutting away the masts, throwing goods overboard, or other means, all persons who have goods on board, or property in the ship, contribute to the loss according to their average, that is, the goods of each on board. This principle, introduced into the commerce of Europe, from the Rhodian laws, and recognized by the regulations of Wisby, is now an established rule in the maritime laws of Europe; for it is most reasonable, that when one man’s property is sacrificed to save a ship, all persons whose property is saved, or in like hazard, should bear their proportion of the loss.