Havaria Quotes (1 quote)
In former times, when ships buffeted by storms threw a portion of their cargo overboard, it was recognized that those whose goods were sacrificed had a claim in equity to indemnification at the expense of those whose goods were safely delivered. The value of the lost goods was paid for by agreement between all those whose merchandise had been in the same ship. This sea damage to cargo in transit was known as havaria and the word came naturally to be applied to the compensation money which each individual was called upon to pay. From this Latin word derives our modern word average.