American P&I Club 2015 General Increase announced
The American Club has announced a 4.5% General Increase will apply to all mutual premium P&I entries in 2015. This shall be placed against the Estimated Total Premium.
The following classes will also be subject to a 4.5% General Increase:
Mutual and Fixed premium FD&D
Fixed premium P&I
Damage to Hull (DTH) for charterers cover
In addition, all deductibles will be increased as follows:
Claims under Article 14 of an LOF salvage agreement shall be subject to a minimum USD50,000
Claims for unrecoverable General Average contributions for vessels over 15 years old shall be subject to a minimum USD50,000 deductible
All other expiring deductibles between USD10,000 and USD25,000 shall be increased by 10%
All deductibles below USD10,000 shall be increased by USD1000 but crew claims shall have a minimum deductible of USD7500
Release calls for the open years have now been set at:
2012/3 – 10%
2013/4 – 20%
2014/5 – 20%
2015/6 -20%
Full details of the Club’s circular can be found at http://www.american-club.com/files/files/cir_34_14.pdf