What happens in case of General Average? Will I have to provide a bank guarantee or other documents?
General Average (GA) is a long-established procedure in the maritime industry for distributing extraordinary losses and expenditures in a fair manner between the parties (i.e. vessel and cargo) involved in case of a casualty.
The GA Adjuster will ask the cargo owner to provide security for the GA expenses according to the contribution of the cargo prior to proceeding with the release of cargo. If Value Protect has been purchased, there will not be a requirement to place any security for GA and/or salvage contribution. Maersk will place the security subject to receipt of the required documentation from the customer. However, a customer who purchased Value Protect will still need to provide the following documents:
- Packing list
- Average Bond (signed and stamped by Customer)
- Commercial invoice (to calculate the security amount based on the % of contribution as advised by the GA Adjusters)