Explain the principle behind the concept of ''General Average''. What Assignment

Explain the principle behind the concept of ''General Average''. What are the essential elements of the 'York-Antwerp Rules' that define a 'General Average' act - Assignment Example In 1864 the York Rules were developed and this was followed with the Antwerp York Rules of 1877. The York Antwerp Rules were the first codification of the General Average. The elements of the York Antwerp Rules include a common danger, voluntary jettison and effort to save must be successful. General Average has many applications including in marine insurance. Current issues with regard to the application of the General average relate to Piracy. The bone of contention is whether general average can be applied in a case of piracy. There exist guidelines that categorically state a situation in which piracy can be covered by the general average. According to Tetley (2000), the principle of GA (General Average) dates to as far back as 3000 years ago. The Rhodian law that was in existence at around this time embodied the principle of general advantage. The principle read in part that in an effort to make a ship to be light, merchandise may be thrown overboard. It goes ahead to state that, that which has been sacrificed (given) for the benefit of all, then, it shall be restored by the contributions of every one. Currently, a record of the Rhodian law is inexistent. The Roman Law is the only source that captures the Rhodian law. The Roman law was captured, expanded and repeated in the Roles of Oleron. The first English decision that has been recorded in reference to the principle of general average was in the year 1799. The first American decision was in 1798 (Tetley, 2000). This was a maritime law concept both in practice and in origin and it had a very restricted application. With time, the evolution of commerce led to the use of general average as a form of marine insurance. There was sharing of losses and risks during maritime ventures. The cargo owner had a right to claim for losses. The ship owner was also allowed to make claims for compensation for the losses that could not be attributed to his fault. The parties made so many