York Antwerp Rules
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The York Antwerp Rules are a set of maritime regulations concerning protocols surrounding jettisoned cargo. Often, contracts and bills of lading will include these maritime rules and use them as a framework to establish liability and assign costs for lost and damaged cargo. The rules are broken into provisions that help set cost obligations. Provisions include the general average to help allocate the cost of losses, the particular average relating to the cargo owner, and the salvage average applied to salvage operations and rescue crews.
Definition
The York-Antwerp Rules are a set of maritime regulations concerning the jettison of cargo. Typically, contracts and bills of lading include these maritime rules and use them as a framework to determine liability and apportion the costs of lost or damaged cargo. These rules are divided into several clauses to set cost obligations.
Origin
The York-Antwerp Rules were first established in York in 1864 and later revised in Antwerp in 1877. Their purpose is to provide a unified international standard for handling general average in maritime transport.
Categories and Features
The rules mainly include three types of average: general average, particular average, and salvage charges. General average involves all stakeholders sharing the loss; particular average is borne by the cargo owner alone; salvage charges involve the apportionment of costs related to rescue operations.
Case Studies
In 2011, a cargo ship jettisoned part of its cargo during severe weather to stabilize the vessel, and the loss was shared among all cargo owners according to the York-Antwerp Rules. Another case in 2018 involved a ship that jettisoned cargo due to a fire, with salvage costs also apportioned under these rules.
Common Issues
Common issues for investors include determining the apportionment ratio among parties and when general average applies. Typically, the apportionment ratio is calculated by professional average adjusters, and general average applies when the ship and cargo face a common peril.
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