General Average’s Continued Relevance Highlighted at 2024 Average Adjusters Dinner

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The long-standing concept of General Average, which seeks to share equitably costs arising from maritime casualties, has never been more relevant, it was stressed at the 2024 annual dinner of the Association of Average Adjusters in London, reports Safety4sea.

General Average

Nick Austin, a shipping partner at Reed Smith LLP, responding at the annual dinner to a toast to the Bench and legal profession, insisted that General Average remained essential to the efficient handling of marine accidents. He said that key principles of English contract law went back to a least the 15th century, while the General Average as a concept could be traced back to Roman law. “It seems to me that General Average has never been more relevant,” he declared.

Mr Austin, who is an executive committee member of the British Maritime Law Association said the BMLA had strong connections with the Association of Average Adjusters in the advancement of law. Members of both associations worked tirelessly on legal matters on behalf of solicitors, judges, barristers, legal executives, paralegals, and other legal practitioners.

The toast to the Bench and the legal profession had been proposed by Stelios Magkanaris, a Fellow of the Association of Average Adjusters. Mr Magkanaris, who is a director at Marine Adjusters & Consultants Inc., based in Piraeus, spoke of “this unique annual dinner of the Association of Average Adjusters which has been a landmark for so many decades.” He said that among those present were “a strong basis of the legal profession.”

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Source: Safety4sea