525 Market Street, Suite 2900
San Francisco, CA 94105
Taught by Stanley Gibson
Description: Modern cargo ship disasters frequently result in declarations of General Average, with the attendant withholding of cargo at the port of refuge until its owner posts security for its release. Marine cargo insurance plays a vital role in protecting cargo owners against the risk of having their cargo held for GA security and unduly prevented from reaching its intended destination.
This course introduces the attendees to the basics of the concept General Average, how it works and is applied today. The course teaches the underlying principles of GA, the legal requirements for a GA declaration, the effect of such a declaration, the role of marine cargo insurance in effecting prompt release of cargo, the risks faced by uninsured cargo, the forms of security accepted, the proper language to be included in such forms, and the role of the General Average Adjuster. The course concludes with a practical exercise dealing with a hypothetical General Average event and how the sacrifices to save the venture are spread over the whole.