The London P&I Club, managed by A. Bilbrough & Co, has announced they will now offer Fixed Premium (ie non-mutual) P&I and FD&D cover for vessels up to 7500GT with up to USD100 million limits.  The cover has the backing of the London Club service and offices around the world (including Hong Kong).

The London Club is the latest to enter the ever-growing Fixed Premium owner’s P&I market that now includes Carina, Eagle Ocean, British Marine/QBE, Lodestar, Skuld, Navigators, Osprey, Raetsmarine and Shipowners Club with the majority of other IG Clubs offering a fixed alternative in some form.

The non-IG market has traditionally focused on smaller vessels up to 10,000GT but, with increasing competition, fixed P&I with limits up to USD1bn is available for vessels up to 40,000GT now.  Even though General Increases are relatively low this year, any rise in premium is understandably being met by resistance from operators given the current shipping market so Fixed Premium alternatives, particularly those competing directly with the International Group in both cover, limits and service, are likely to be sought out.

For advice on options for your upcoming P&I Renewal, please do not hesitate to contact us or your usual Latitude Brokers contact.

 

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