New 2016 York-Antwerp Rules and General Average Adviser
For nearly 140 years, the York-Antwerp Rules have been the benchmark set of terms that by contractual agreement seek to clarify what would constitute an allowable general average event, what can be included, and how it is to be apportioned between the parties.
Over the years, the rules have been periodically updated, with the latest changes recently coming into effect. This Adviser outlines the key changes under the 2016 rules relating to:
- Powers of general average adjuster.
- Expenses whilst under detention at a port of refuge.
- Interest applicable to general average funds.
General average contributions required of hull and cargo interests are mostly covered under standard marine hull and machinery and cargo insurance policies, and insurers generally put up general average guarantees on behalf of their insureds, when required to do so. Insureds will therefore need to ensure that if the new 2016 rules are incorporated into their contracts of affreightment or contracts of hire, that insurance cover for those general average contributions will continue.