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.

BREAKING DOWN '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.

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