YORK-ANTWERP RULES AND PLACES OF REFUGE FOLLOWING THE CMI CONFERENCE 2004. By Ben Browne Shaw and Croft. MARINE INSURANCE ACT 1906 s.66. “1. A G.A. loss is a loss caused by or directly consequential on a G.A. act. It includes a G.A. expenditure as well as a G.A. sacrifice.
Shaw and Croft
“1. A G.A. loss is a loss caused by or directly consequential on a G.A. act. It includes a G.A. expenditure as well as a G.A. sacrifice.
2. There is a G.A. act where any extraordinary sacrifice or expenditure is voluntarily and reasonably made or incurred in time of peril for the purpose of preserving the property imperilled in the common adventure.”
G.A. is too expensive – US$300 million p.a.
G.A. Takes too long to adjust – 66% of adjustments are published in 2 years covering 33% of money shifted
G.A. is inequitable – 80% of G.A.s caused by the fault of owners/crews. But 60% of G.A. is charged to innocent cargo.
Interest and Commission 11%
Adjusters’ fees and expenses 11%
Crew wages and maintenance 4%
Fuel and stores at a place of refuge 1%
Cargo expenses 8%
Ship and Cargo Sacrifices 19%
- Temporary Repairs of accidental damage only allowed to the extent that
[Temporary Repairs and Permanent Repairs] >
Permanent Repairs at Port of Refuge
6 years after termination of voyage (whichever is less).
Article 11 Salvage Convention.
Intervention Convention 1969.
Event – specific assessment
Convention or amendment to a convention or Guidelines on
Shaw and Croft.