Shipowners 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 ReadingUK 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 ReadingBritannia P&I Club announces nil General Increase for 2019/20
The Britannia P&I Club, managed by Tindall Riley & Co, has announced it will be seeking a nil General Increase for 2019/20 year, with any changes of the International Group Reinsurance costs being passed on to Members in the usual way. The Club will also be seeking to increase minimum deductibles as follows: 2018 2019 Cargo USD12,500 USD14,000 Crew USD3,000 ...
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 ...
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