UK Club announces nil General Increase for 2019
The UK Club has announced a nil General Increase with no change in standard deductibles which remain at USD12,000. As usual any change in the Group reinsurance costs will be passed onto the membership. This decision comes despite a increase in claims costs year to date and a combined ratio of 107% for the first 6 months of the 2018/19 ...
Continue ReadingSteamship Mutual announces nil General Increase for 2019
Steamship Mutual has announced a nil General Increase for the 2019/20 year and the Club will make a capital distribution of 10% of premium paid for Class 1 P&I mutual entries in the 2018/19 policy year, in respect of vessels whose entries are renewed for the 2019/20 policy year. The Club has reduced Release Calls for P&I and FD&D as follows: ...
Continue ReadingTHE JOINT WAR COMMITTEE ISSUES HULL WAR LISTED AREAS, 14 June 2018
Further to our blog in December 2015, the Joint War Committee in London has released the latest War Listed Area – JWLA-023 14 June 2018 – applicable to Hull War, Piracy, Terrorism and Related Perils. The only change has been to delete Jakarta from the Listed Areas, with all other areas remaining the same. Whilst it is customary for underwriters to issue ...
Continue ReadingShipowners’ P&I Club announces nil General Increase for 2018/9
The Shipowners’ P&I Club announced they will be seeking a nil General Increase for 2018/9 and no change in standard deductibles. Uniquely among the IG, because of the profile of their tonnage in the small ships segment, they will absorb any changes in the International Group Excess of Loss Reinsurance programme. The full circular can be found here.
Continue ReadingCyber Risks – Shipping needs a new Policy wording
We were invited to present to the 5th Asia Marine Insurance Conference in Hong Kong during Hong Kong Maritime Week on Cyber Risks in Shipping. Cyber Risks Presentation to Asia Marine Insurance Conference, November 2017 We took the opportunity to invite the audience of insurers to create a marine cyber product, focused on the shipping market. We believe operators need a ...
Continue ReadingAmerican Club announces nil General Increase for 2018/9
The American Club has announced they will be seeking a nil General Increase for the 2018/9 year across both P&I and FD&D classes. There will be no change to standard deductibles and the open years/Release Calls have been updated as follows: 2015/6 – 5% 2016/7 – 15% 2017/8 – 20% 2018/9 – 20% The full Club circular can be found ...
Continue ReadingSkuld renewal update 2018/9
Skuld, which abandoned seeking General Increases in 2011, has issued their renewal update for the 2018/9 policy year. There will be no change to the standard deductibles and the Release Calls have been updated as follows for the open years: 2015/6 – 3% 2016/7 – 7.5% 2017/8 – 15% 2018/9 – 15% The full circular can be found here.
Continue ReadingAt a Glance – P&I Club General Increases 2018/9
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 ReadingGard announces nil General Increase for 2018/9
Gard have announced they will be seeking a nil General Increase for P&I and FD&D for the 2018 year. There will be no change in standard deductibles. Open policy years: 2015 is anticipated to be closed without any further Calls. Release Call set at 5% 2016 is anticipated to be closed without any further Calls. Release Call set at 5% ...
Continue ReadingThe Strike Club announces General Increase and changes for 2018/9 year
The Strike Club, managed by Charles Taylor Plc, has announced they will be seeking a 7.5% general increase for the 2018/9 policy year along with a number of important changes to the cover and structure. The Club have also made some interesting extensions to the cover, including: Cyber – delays caused by onboard and onshore cyber attacks, subject to Members ...
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