Iran Sanctions being lifted…but still in place (Updated 3 Sept 15)

Update 3 September 2015: As the US moves towards congressional approval of the deal with Iran, timelines are becoming a little clearer now.  Whilst, as at today’s update, the sanctions remain fully in place it appears more likely that the deal will be approved by the US, then the UN and, of course, Iran. At the same time, there appears ...

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The New Marine Insurance Act 2015 (sadly now just called the Insurance Act 2015)

It’s fair to say that Marine Insurance isn’t well known for its rapid evolutionary pace. The Marine Insurance Act 1906 codified in law the practices at the time, which themselves dated back another 200 years in some parts.  ‘Fast’ forward another 110 years and the new Insurance Act 2015 (no longer the Marine Insurance Act) will finally become law in ...

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Lodestar Increases P&I Limit to USD1bn

Further to our blog in November 2014 about the fixed premium Clubs providing higher limits, Lodestar Marine in London have now obtained reinsurance support to offer the full USD1bn limit. With the increasing competition both within the fixed premium market and to move tonnage placed within the International Group, there is a continuing need to differentiate.  The USD1bn limit will allow ...

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Reduction in the IG Excess Reinsurance Programme for 2015

Negotiations have been finalised for the International Group General Excess of Loss reinsurance contract and the favourable Pool claims experience for 2012, 2013 and 2014 policy years, have enabled the group to achieve rate reductions: minus 8.11% for clean and dirty tankers minus 6.05% for dry cargo vessels and no increase for passenger vessels and chartered entries. The Clubs apart from ...

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Our (very concise) View on P&I and H&M for 2015

We were kindly asked by Tradewinds to give a short overview of how we see the H&M and P&I market in 2015.  Here’s what we said in Tradewinds 9 January 2015 edition: “P&I The main themes for 2015 are diversification, regulatory effects, fixed premium and the Nairobi Convention.  Diversification of IG Clubs’ product base continues, the latest being Standard Syndicate ...

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Skuld P&I Club announces 2015 ‘Premium Structure’

As in recent years, Skuld’s position with regard to General Increases is unique within the IG in that they believe in adjusting each Member’s base premium upon a number of factors rather than a General Increase which is then adjusted for record.  Those factors are as follows: i.     statistical records taking into account claim costs, types of claim, claims trends as ...

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