US Government partial shutdown disrupts COFR applications and renewals
SIGCo, one of the largest COFR guaranty providers, for vessels calling the US, have just released the attached Circular advising all COFR Members of severe disruption of operations at the US Coast Guards and the National Pollution Funds Centre, with applications not being processed any more at present. We recommend that all operators planning on renewing or applying for new COFR ...
Continue ReadingAt a Glance – 2019/20 P&I General Increase
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement or use for real time data comparison: American Club – 0% for ...
Continue ReadingJapan P&I Club confirms Nil General Increase
The Japan P&I Club has decided that no general increase will be applied on P&I and FD&D entries, and that premium will be adjusted according to their individual loss record. Release calls and supplementary calls for the open policy years are updated as follows: 2016/17: 5% release call, no further supplementary call 2017/18: 5% release call, 40% estimated supplementary call ...
Continue ReadingShipowners P&I Club announces Nil General Increase for 2019
The Shipowners P&I Club will rely on its strong financial position to subsidize the anticipated small Underwriting deficit for 2018, and therefore no General Increase will be applied for 2019 renewal. In addition, as per usual the Club will absorb any change to the costs of the GXL programme. At present the Club does not charge release calls. The Club’s ...
Continue ReadingSkuld renewal update 2019/20
Pursuing from their position since 2011, Skuld is not applying General Increase anymore, and renewal terms for 2019 will be solely based on individual Members’ records and performance. The Club is not changing their standard deductibles. Release calls are set as follows: 2016/17: 3% 2017/18: 7.5% 2018/19: 15% 2019/20: 15% Full details of Skuld renewal update is available in their ...
Continue ReadingNorth of England will not seek General Increase for 2019
The North of England P&I Club’s board of Directors have decided to not declare a general increase in P&I and FD&D premium for 2019 renewals. The Club will however undertake review of individual records and ratings to halt the ongoing decrease in ratings. Deductibles below USD25,000 for P&I Class will be increased by at least USD1,000 per deductible. FD&D deductible ...
Continue ReadingAmerican Club announces nil General Increase for 2019
The American P&I Club has announced that no General Increase will apply to both P&I and FDD classes at the upcoming renewal, citing the need to be sympathetic towards shipowners who continue to be faced by a challenging shipping market, coupled with a favourable development with respect to the club’s claims in the current year. There will be no deductible ...
Continue ReadingStandard announces nil General Increase for 2019
The Standard Club has announced that no General Increase will apply to both P&I and FDD classes at the coming renewal, despite an notable increase in claims and a small reduction in free reserves projected for the end of the financial year. The club will attempt to apply a P&I deductible increase of 10% or USD2,000, whichever is greater. The ...
Continue ReadingGard announces nil General increase for 2019
Gard has announced there will be no General Increase for both P&I and FD&D entries at 20th February 2019. There will be no change in deductibles for either class. The management has pointed to a continued, stable claims environment and an improvement in Gard’s back year claims as the reasons behind its decision, notwithstanding its free reserves have also risen ...
Continue ReadingLondon P&I Club announces nil General Increase for 2019
The London Club has announced a nil General Increase for the 2019/20 policy year with any change in the Group reinsurance costs being passed onto the membership. There will be no change in the standard deductibles on a club wide basis however individual member’s deductibles will be scrutinized. This absence of a General Increase also applies to the Club’s Defence ...
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