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Changes to specialist General Average Clauses

04 July 2017

At its meeting in Rome in June 2017, the Documentary Committee agreed that specialist provisions dealing with the mechanics of General Average should be modified to ensure consistency with user requirements and market arrangements.

General Average: York-Antwerp Rules 2016

23 May 2016

BIMCO documents currently contain general average clauses that refer either to the York-Antwerp Rules (YAR) 1994 or, to a lesser extent, the YAR 1974. BIMCO’s recommendation in respect of new and revised charter parties, bills of lading and waybills has so far been that general average should be adjusted in accordance with the YAR 1994. A new set of YAR 2016 was adopted by the Assembly of the Comité Maritime International (CMI) at its 42nd International Conference held from 3rd to 6th May 2016 in New York. As the YAR 2016 are considered to represent a set of Rules that BIMCO could refer to in its standard documents, BIMCO’s Documentary Committee decided, at its meeting on 10th May 2016, that all new and revised BIMCO charter parties, bills of lading and waybills will now refer to general average being adjusted in accordance with the York-Antwerp Rules 2016. References to earlier versions of the YAR in existing BIMCO documents will gradually be replaced by a reference to the YAR 2016 in the online versions of these documents.

General Average Absorption Clause 2018

04 July 2017

The BIMCO Standard General Average Absorption Clause, for use in marine insurance policies, was updated in 2017 to give effect to the revised York-Antwerp Rules 2016. Further modifications have now been made to streamline the basis for determining insurers’ payments. Details are set out below together with advice on adapting the clause where the underlying marine insurance policy covers more than one vessel. The 2018 clause should be used in place of the 2017 provision. The original 2002 version of the Clause, based on the York-Antwerp Rules 1994, should no longer be used.