General Average and Risk Management in Medieval and Early Modern Maritime Business

This open access book explores the history of risk management in medieval and early modern European maritime business, focusing particularly on 'General Average' – a mechanism by which extraordinary expenses regarding ship or cargo, incurred during a voyage to save the venture, are shared between all participants to protect equity. This volume traces the history of this risk management tool from its origins in the pre-Roman Mediterranean through to its use in the shipping sector today. Cont...