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 per the cost of the International Group Reinsurance programme once finalised.

With regards to non mutual entries, including Charterers Liability, whilst no General Increase is set, rates will be increased to account for the significant increase in reinsurance costs over the past couple of years, and the Member’s individual record and exposure.

Release Calls update:

2017/18:0% for FD&D (P&I closed)

2018/19: 0% for P&I and FD&D

2019/20: 7.5% for P&I and FD&D

2020/21: 15% for P&I and FD&D

The Club’s announcement is available in their circular.

Tagged with: , , , , , , , , , , , , ,