Indian Ocean removed from the Piracy High Risk Area from 1st January 2023

Since 1st January 2023, the Indian Ocean (including the Gulf of Aden) has been removed from the High Risk Area for Piracy as defined by shipping bodies BIMCO, International Chamber of Shipping (ICS), International marine Contractors Association (IMCA), INTERCARGO, INTERTANKO and Oil Companies International Marine Forum (OCIMF). The Area removed is the High Risk Area as currently shown on UKHO ...

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2023/2024 IG Reinsurance contract structure finalized

The IG’s Reinsurance Committee has now announced the GXL reinsurance contract for 2023/24 policy year has been finalized with rates as follows: Persistent Oil tankers + 3% / $0.6663/GT Clean Tankers +10.5% / $0.4051/GT Dry +6.2% / $0.5991/GT Containerships +10.5% / $0.7277/GT Passenger +0% / $3.8677/GT Chartered Tankers +7.5% / $0.3128 Chartered dries +7.5% / $0.1526/GT Malicious Cyber, Covid-19 and ...

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Unbudgeted supplementary calls and 10% GI for Japan P&I at 2023 renewal

There will be a 10% general increase in mutual premium rates for Owners’ P&I and FD&D and charterers’ entries. In addition, Members’ rates will be adjusted as appropriate to reflect their individual claims record, as well as any changes in the cost of the International Group’s reinsurance programme. The Board of the Club has also decided to levy unbudgeted supplementary ...

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Standard Club announces 10% GI for 2023 renewal

The Club has announced that it is seeking a 10% General Increase on P&I and Defense class premium rates for the 2023/24 policy year. The management will carry out analysis of individual owners’/members’ rating adequacy, terms and deductibles along with historical and forecast claims exposures, and additional contributions will be sought from owners/members with adverse records. The club’s investment portfolio, ...

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No GI set for 2023 renewal by London P&I

No general increase is set for P&I and FD&D renewals by London P&I. The renewal terms will be based on individual Member loss records and risk profiles incorporating the anticipated impact of inflation on future claims costs. . The Board has instructed Management to pay particular attention to the adequacy of all fleet rating and deductible levels so that an ...

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