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Maritime Law: Principle of General Average - Term Paper Example

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The author of "Maritime Law: Principle of General Average" paper learned different provisions where York-Antwerp Rules forms a basis of uniformity. By this, it is evident that there are it is one of the crucial rules governing the undertaking in marine commerce.  …
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Maritime Law: Principle of General Average
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Download file to see previous pages First, the principal is a feature of marine commerce, since the beginning of time. We trace the referred time in reference to an idea of protection from financial losses among the merchants and ship-owners by means of insurance. From this, we can depict that the general average is totally different from marine insurance. Under modern commercial grounds, underwriters on cargo and ship almost invariably pay amounts of general average contributions and losses under their policies. However, the interest in general average in more secondary than primary.

Secondly, the general average has differing development in different maritime countries. This means that the idea developed from different angles all through; at the beginning of the 19th century, there was a substantial difference regarding the law and practices all around the world. In reference to the international traits of shipping, there are several disadvantages resulting from these diversities. This calls for international uniformity, thus bringing about the implementation of the York-Antwerp Rules (Gold, 1999).
In reference to the law of general average, when cargo is jettisoned in an effort to refloat a grounded vessel, the owner of the owner and the cargo must absorb an equal share of the loss. This is to create a basis to compensate the owner of the cargo. This means that all participants of the maritime venture merge to offset the incurred losses. In this, we can depict that the general average is a design of marine insurance.

From the above argument, we learn that the need for uniformity began in the 19th century. This was in 1890 when the promulgation of the first rule took place. Previously, there were different amendments. However, there are recent amendments and the most recent being in 1994. These were the result of conferences held in conferences by representatives from different countries around the world.  ...Download file to see next pages Read More
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