What does 'jettison' refer to in Marine Insurance?

In the context of Marine Insurance, 'jettison' specifically refers to the action of throwing cargo or equipment overboard in order to lighten the vessel and alleviate a dangerous situation, such as when the vessel is at risk of sinking due to overload or adverse weather conditions. This term emphasizes the urgency of safeguarding the ship and its remaining cargo, demonstrating a proactive measure to protect the vessel and its crew when in peril.

A critical aspect of jettison is its connection to Marine Insurance claims; the act can sometimes lead to claims for general average, which is a principle that allows for shared financial responsibility among all stakeholders when a measure is taken to save the vessel. This makes understanding jettison essential for those involved in Marine Insurance, as it underscores the risks and protective measures associated with maritime operations.