Standard Club sets GI at 10% for 2021
The Board of the Standard Club has set the General Increase at 10% of Members’ P&I premium for 2021, but also specified that for Members with adverse records, the further adjustment to address individual performance and inadequate level of premium could be significant. No General increase will apply on the FD&D Class. Release calls set earlier this year remain unchanged: ...
Continue ReadingWest of England announces 7.5% GI for 2021
The Club’s Board has decided to implement a 7.5% General Increase on P&I and FD&D mutual rates for 2021 policy year, and will further adjust rates for entries with adverse loss records. Standard P&I deductibles will be set at USD14,000, with deductibles below this level increased by USD2,500, but no change to FD&D standard deductible. Mutual rates will be adjusted ...
Continue ReadingSteamship sets 2021 General Increase at 5%
The Steamship Mutual has announced their General Increase for 2021/22, set at 5% for P&I and FD&D. In addition, standard FD&D deductible will be increased to USD7,500 with USD50,000 cap, and abatement layer is revised to USD3.5 million (from USD1.8 million) with no coinsurance. The rates will be further corrected as per Member’s individual exposure and adjusted once the costs ...
Continue ReadingAt a Glance – 2020/2021 P&I renewals
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 ReadingSwedish Club announces 5% GI
The last Club to announce, the Swedish Club, has now joined the pack of Clubs seeking GI for 2020 P&I renewals, albeit at a slightly lower level than the majority, with a 5% General Increase. The Club will also address premium adequacy by reviewing loss records individually. No General Increase will be applicable on FD&D entries. Release Calls are set ...
Continue ReadingJapan P&I Club seeks 7.5% GI for 2020
In line with the majority of the Clubs, the Japan P&I Club has now announced that there will be a 7.5% increase in advance call rates for P&I entry. The Club still charges annual premiums based on Advance calls and estimated supplementary call set at 40% of advance call. Release calls are set as follows: 2017: 5% 2018: 10.5% 2019: ...
Continue Reading5% GI from Shipowners P&I Club for 2020
Since 2014, the SOP has applied Nil General Increase on Mutual premiums but for 2020 renewal, they have announced they will apply a 5% General Increase. The Club will absorb any adjustment in premium for the International Group excess of loss programme. Records will be reviewed individually however for adequate deductible and premium adjustments. Details of the Club’s position are ...
Continue ReadingWest of England announces 2.5% GI for 2020
The Club’s Board has decided to implement a 2.5% General Increase on P&I mutual rates for 2020 policy year, and will further adjust rates and deductibles for entries with adverse loss records. No General Increase will be applied on FD&D and Charterers Liability entries. The release call for 2020 is fixed at 15% for both P&I and FD&D. The Club’s ...
Continue ReadingStandard Club sets GI at 7.5% for 2020
The Board of the Standard Club has re-affirmed their commitment to the concept of General Increase and as set a 7.5% GI on Members’ P&I ETP for 2020, with 10% increase on deductibles, or USD2,000 whichever is the highest. FD&D will also see an uplift of 7.5% as GI for February 2020 renewal. 2018/19 and 2019/20 ETP remain unchanged, as ...
Continue ReadingSteamship Mutual announces 7.5% GI for 2020
The Steamship Mutual has announced their General Increase for 2020/21, set at 7.5% for P&I and FD&D, with an uplift of USD2,000 in lower level P&I deductibles. At the same time, the Club has also decided to return 7.5% of 2019/2020 mutual P&I premium to their Members, for vessels renewing in 2020. This represents around USD17 million capital redistribution. Release ...
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