IUMI Welcomes Revised York-Antwerp Rules
In general, the International Union of Marine Insurance (IUMI) welcomes the revised York-Antwerp Rules (YAR 2016) which were adopted by the Comité Maritime International (CMI) at its conference in New York last week. The York-Antwerp Rules (YAR) is a set of rules by which General Average (GA) is adjusted (see detailed explanation in the notes below). IUMI has a particular interest in their content as, on average, the GA system increases the cost of maritime casualties by between 10%-30% largely due to interest (7% p.a. under the 1994 and 1974 YAR), commission (2%) on nearly all expenses and sacrifices, and adjusters' fees. The process of collecting GA security from all the cargo interests…
Agenda For DNV-GL Regional Offshore Committee Meet
His Excellency Khamis Juma Buamim, Chairman of Drydocks World and Maritime World and chairperson of the DNV GL Offshore Technical Committee outlined the key focus areas for the Regional Committee meeting that will be held in Dubai on October 23, 2014. This was discussed at a meeting with DNV representatives Mr. Bijali M.P., Regional Manager – Offshore Class, Middle East & India and Mr. Ralph Becker, Regional Manager – Business Development, Middle East & India. H.E. Buamim discussed the importance of constructive cooperation to push the maritime industry and allied operations in developing economic relations and investment activities in targeted areas and emerging markets.
