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ponker | 5 years ago

But given the “General Average” concept you could have received a bill for many times the value of what you shipped.

discuss

No, General Average is based on percentage of value, so the most you could have to pay is however much the stuff you were shipping was worth, if basically all the other cargo on board was lost except yours.

usrusr|5 years ago

Yes, if that mythical container full of iPhones full of bitcoins got tossed first everybody else would be screwed. If that was common the next step might be clients with particularly cheap wares bribing the captain to sacrifice their containers first.

lovecg|5 years ago

Which is great in theory, as everyone’s incentives align.