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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.

IOPC Funds meeting October 2018

07 November 2018

BIMCO was represented at the recent meeting which coincided with the fortieth anniversary of the Funds. Agenda issues included the importance of maintaining legislation in line with treaty law provisions, difficulties occasionally encountered with non-International Group insurers, the Funds’ current compensation cases and a report on developments with the HNS Convention.