York-Antwerp Rules 2004
The 2004 CMI general average edition, still incorporated in some contracts, and how it differs from the 1994 and 2016 Rules.
The York-Antwerp Rules 2004 are the Comite Maritime International’s 2004 edition of the general average code. They remain in use where a contract of carriage incorporates them. The 2004 text dropped the 2% commission on disbursements that the 1994 Rules allowed, and its interest provision was amended in October 2022 to the USD Prime Rate plus 2% a year.
The full article will cover the 2004 changes, including salvage payments lying where they fall under Rule VI(a), and the move of standard forms to the 2016 Rules. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.