York Antwerp Rules

AAA

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 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.

RELATED TERMS
  1. International Maritime Organization ...

    A specialized agency of the United Nations that is responsible ...
  2. The Jones Act

    Legislation that regulates maritime commerce between U.S. cities. ...
  3. Maritime Law

    A body of laws, conventions and treaties that governs international ...
  4. Admiralty Court

    Any court governed by admiralty law, whether the court is officially ...
  5. Admiralty Liability

    A risk, event or conduct that would run afoul of admiralty (maritime) ...
  6. LIBOR

    LIBOR or ICE LIBOR (previously BBA LIBOR) is a benchmark rate ...
Related Articles
  1. Understanding Your Insurance Contract
    Insurance

    Understanding Your Insurance Contract

  2. The History Of Insurance
    Home & Auto

    The History Of Insurance

  3. How An Insurance Company Determines ...
    Home & Auto

    How An Insurance Company Determines ...

  4. Cover Your Company With Liability Insurance
    Home & Auto

    Cover Your Company With Liability Insurance

comments powered by Disqus
Hot Definitions
  1. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  2. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  3. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  4. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  5. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  6. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
Trading Center