Analysis of York-Antwerp Rules 2004
CHEN Ruo-hong (College of International Commerce,Beijing Foregin Language University,Beijing 100102,China)
CMI revised the York-Antwerp Rules in 2004. The new rules exclude the allowance in general average of salvage remuneration, wages and maintenance while the vessel is detained at a port of refuge. Other changes include the abolishment of commission on general average disbursements, adoption of floating interest rate and a time bar for any rights to general average contribution. The amendments will help reducing the cargo's contribution of general average. The reduction of adjustment costs and commission will result in significant savings of current payments by underwriters. Impact of the new rules on insurance market might be that the hull insurers increase the premium while the cargo insurers reduce the premium. The amendments might influence the relevant legislation of some countries and the draft of CMI transport law as well. However, given the fact that the ship interests are against the amendments, it might take some time to see York-Antwerp Rules 2004 widely applied.