The principle of General Average is one of the oldest maritime laws which nowadays is almost exclusively dealt with under the York-Antwerp-Rules of 1974, 1994 and 2004.
General Average is defined as follows: “There is a general average act when, and only when, any extraordinary sacrifice or expenditure is intentionally and reasonably made or incurred for the common safety for the purpose of preserving from peril the property involved in a common maritime adventure. General average sacrifices and expenditures shall be borne by the different contributing interests on the basis hereinafter provided.” (Rule A YAR94)
General Average contributions of cargo interests may quite often be disputed or reduced or claimed back on the argument of unseaworthiness or ISM/ISPS deficiencies.
For certain clients we may arrange for a Salvage or General Average Security through our open cover with Lloyd’s.