York Antwerp Rules

Dictionary Says

Definition of 'York Antwerp Rules'

A set of maritime rules that outline the rights and obligations of ship and cargo owners when cargo must be jettisoned to save a ship. The York Antwerp Rules are a codification of the law of general average, the maritime principle that specifies that all parties involved in a sea venture must proportionately share any losses that result from sacrifices made to the cargo to save the remainder.
Investopedia Says

Investopedia explains 'York Antwerp Rules'

The York Antwerp Rules were established in 1890 and have been amended several times. The rules are generally included in bills of lading, contracts of affreightment and marine insurance policies.  Under the rules, a danger must be imminent, there must be a voluntary jettison of a portion of the ships cargo in order to save the whole and the attempt to avoid the danger must be successful. If these are true, then all parties involved in the maritime adventure must share proportionately the financial burden of the losses incurred to the owner(s) of any cargo that was jettisoned to save the vessel.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Maritime Law

    A body of laws, ...
  2. International Maritime Organization ...

    A specialized ...
  3. The Jones Act

    Legislation that ...
  4. Admiralty Court

    Any court ...
  5. Admiralty Liability

    A risk, event or ...
  6. National Average Wage Index - NAWI

    An index ...
  7. 403(b) Plan

    A retirement ...
  8. Financial Intermediary

    An entity that ...
  9. Agent

    1. An individual ...
  10. Guaranteed Investment Contract - GIC

    Insurance ...

Articles Of Interest

  1. How An Insurance Company Determines Your Premiums

    Find out how insurers use credit history to build an insurance score and how it could affect your bottom line.
  2. The History Of Insurance

    The first written policy appeared in Hammurabi's Code. Find out how it evolved from there.
  3. The History Of Insurance In America

    Insurance was a latecomer to the American landscape, largely due to the country's unknown risks.
  4. Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  5. Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.
  6. Cover Your Company With Liability Insurance

    Every business is susceptible to legal action. Find out how to protect yours.
  7. What To Do If Your Insurance Won't Pay

    Before paying for coverage, find out what you need to do to ensure you get paid.
  8. 6 Huge Insurance Claims

    Next time you think that insurance is a waste of your money, think about these expensive claims.
  9. 5 Bizarre Insurance Policies

    If you can dream up a risk, you can probably insure it. From interesting to bizarre, here are five of the weirdest insurance policies.
  10. Market Capitalization Defined

    Find out the differences between mega-, large-, mid- and small-cap stocks and how each suits different investing styles.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center