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

    How An Insurance Company Determines ...

  2. Cover Your Company With Liability Insurance
    Home & Auto

    Cover Your Company With Liability Insurance

  3. Exploring Advanced Insurance Contract ...
    Home & Auto

    Exploring Advanced Insurance Contract ...

  4. The History Of Insurance In America
    Home & Auto

    The History Of Insurance In America

comments powered by Disqus
Hot Definitions
  1. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  2. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  5. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  6. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
Trading Center