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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.

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.

Average Bond Clause 2018

04 July 2017

The BIMCO Average Bond Clause 2017 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been brought into line with the six-year limitation period under English law. A number of minor editorial improvements have also been made. The clause is for use only in contracts of carriage where General Average is to be adjusted, stated and settled according to the York-Antwerp Rules 2016. If the York-Antwerp Rules 1994 apply to the underlying contract, the BIMCO Average Bond Clause 2007 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.

Average Bond Clause 2007

04 July 2017

The BIMCO Average Bond Clause 2007 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been brought into line with the six-year limitation period under English law. A number of minor editorial improvements have also been made. The clause is for use only in contracts of carriage where General Average is to be adjusted, stated and settled according to the York-Antwerp Rules 1994. If the York-Antwerp Rules 2016 apply to the underlying contract, the BIMCO Average Bond Clause 2018 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.

Jean Koh

07 March 2019

Jean is a partner at HFW in London and specialises in shipping litigation, focusing on contractual shipping disputes including charter parties, bills of lading, cargo claims, commodities/trade disputes, ship sale and purchase disputes, bunker disputes and shipbuilding disputes. She represents owners, charterers, shipyards and their insurers based internationally but has a geographical focus on the Japanese market, having worked in Tokyo for 6 months there. On the casualty side, Jean also handles wet shipping disputes, in particular fire and explosions on container vessels due to undeclared dangerous cargoes and/or engine explosions, groundings on reef, unsafe port disputes, crane collapses, damage caused by sulphur cargo, liquefaction of cargo and general average incidents. Jean has worked at the HFW in Shanghai and Pireaus.