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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.

Insurance advice

07 June 2016

Political and civil unrest, wars and other conflicts are regularly raising concerns with regard to the safety of navigation and the safety and welfare of seafarers visiting ports belonging to countries involved in such conflicts.

BIMCO issues update on Persian Gulf tensions and sanctions clauses

21 January 2020

After the killing of General Qassem Soleimani by a US drone in early January 2020, and the following retaliation by Iran, BIMCO is publishing its view of the escalated tension in the Persian Gulf, as well as advice regarding the new sanctions clauses, and encourages owners, operators and charterers to follow the operational and contractual guidance set out in this article.

Dangers associated with the carriage of iron sand

19 November 2020

Iron sand as popularly known is carried under an official bulk cargo shipping name " Titanomagnetite Sand"in the International Maritime Solid Bulk Cargoes (IMSBC) Code. Providing information on the dangers of carrying this cargo, the carriage requirements needed under the IMSBC Code and advice that P&I club should be consulted if necessary.