York Antwerp Rules

Filed Under » ,
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.

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 In America

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

  3. Cover Your Company With Liability Insurance

    Every business is susceptible to legal action. Find out how to protect yours.

  4. Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.

  5. 6 Huge Insurance Claims

    Next time you think that insurance is a waste of your money, think about these expensive claims.

  6. The History Of Insurance

    The first written policy appeared in Hammurabi's Code. Find out how it evolved from there.

  7. 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.

  8. Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.

  9. 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.

  10. Introduction To Treasury Inflation-Protected Securities (TIPS)

    If you want to protect your portfolio from inflation, all you need are a few TIPS.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Network Effect

    A phenomenon whereby a good or service becomes more valuable when more people use it. The internet is a good example...

  2. Racketeering

    Racketeering refers to criminal activity that is performed to benefit an organization such as a crime syndicate. Examples of racketeering activity include...

  3. Lawful Money

    Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves.

  4. Fast Market Rule

    A rule in the United Kingdom that permits market makers to trade outside quoted ranges, when an exchange determines that market movements are so sharp that quotes cannot be kept current.

  5. Absorption Rate

    The rate at which available homes are sold in a specific real estate market during a given time period.

  6. Yellow Sheets

    A United States bulletin that provides updated bid and ask prices as well as other information on over-the-counter (OTC) corporate bonds...
Trading Center