A ship (value=$6,000,000) was carrying iron ore and coal, but got involved in an accident. Iron ore had to be jettisoned to save the ship. The damages to the ship (towing, other damages) were worth $275,000. How will the total loss be shared between the owners of the ship, coal, and iron ore using the General Average method? Assume the market value of the jettisoned iron ore is determined to be $100,00 by the adjuster.
Describe the General Average Method and then calculate