Revised YAR adopted

Revised YAR adopted

The Comité Maritime International (CMI) adopted last week revised York-Antwerp Rules (YAR 2016). If incorporated into contracts, the new YAR 2016 may reduce insurers' GA exposure through the introduction of some helpful measures.

The International Union of Marine Insurance (IUMI) has welcomed the new YAR 2016. Ideally, insurers would like to have seen more improvements, but the revised rules are a step in the right direction compared with the YAR 1994 currently in use. Unlike the YAR 2004 (that were never accepted by owners), the new YAR 2016 has been negotiated also to secure the support of owners.  BIMCO agreed on 11 May 2016 to incorporate the new YAR 2016 into all new and revised BIMCO charter parties and bills of lading.