Japan P&I 2016 General Increase announced
The Japan P&I Club have announced a 3% General Increase on their Advanced Call for 2016, with the Supplementary Call remaining at 40% for mutual entries. The Club are also levying a 5% General Increase on charterer’s entries for 2016. FD&D (both fixed and mutual) will be subject to a nil General Increase. The Board has reduced the Supplementary Call for ...
Continue ReadingUK Defence Club announces 2016 General Increase
The UK Defence Club, managed by Thomas Miller, has announced a nil General Increase for 2016. The UK Defence Club is a specialist mutual solely providing FD&D cover for their members on a standalone basis. In addition, the Club is offering for the second year, a Continuity Credit (taken as a reduction from the quoted 2016/7 premium) to existing members ...
Continue ReadingAmerican Club 2016 General Increase announced
The American Club, managed by the Shipowners Claims Bureau, has announced a 2.5% General Increase for mutual and fixed P&I entries for 2016. The Club has announced there will be no General Increase on their FD&D Class, both fixed and mutual. Deductibles have been increased as follows: All deductibles below USD10,000 will be increased by USD1000; Crew deductibles shall be minimum ...
Continue ReadingLatitude sponsors YPSN Christmas Networking Drinks
We are pleased to support and sponsor the Young People in Shipping Network, Hong Kong, for their Christmas networking this year being held on 16th December in Lan Kwai Fong! YPSN attracts some 250-300 shipping professionals from all areas of the industry in Hong Kong – insurers, operators, freight forwarders, surveyors…and even some of the brokers we compete with too! It’s ...
Continue ReadingClaims Alert – Valuations, Fair Market Values and Disclosure
We are grateful to Waltons & Morse for their recent briefing in respect of a claim made by an Assured for the total loss of a superyacht that was over-valued in a hull policy. The facts are as detailed in the briefing, but we are concentrating on two main aspects: the Assured over-valued the yacht in question; and did not disclose ...
Continue ReadingSingapore Insurance market – recent moves
As we “predicted” in our earlier blog, the ongoing consolidation would give rise to further changes and create opportunities for new leaders to emerge as well as new entrants to the Asian market continuing to focus on Singapore as their base. At the Lloyd’s new office opening party in Singapore recently, there were over 300 underwriters and brokers, many of ...
Continue ReadingLondon P&I Club latest to offer Fixed Premium P&I
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 ...
Continue ReadingThe Strike Club 2016 General Increase announced
The Strike Club, now managed by Charles Taylor (managers of the Standard Club), have announced a 10% General Increase for all three Classes of cover for the 2016 policy year. In addition, Club has advised members to budget for increased Closing Calls on the open years as follows: Classes I & II (shore-related risks): 2015/6 – 30% (increased from 20%) 2014/5 – ...
Continue ReadingNorth of England 2016 General Increase announced
The North of England has announced a 2.5% General Increase for 2016/7 for both P&I and FD&D entries. The Club will pass on any changes to the Group Excess of Loss Reinsurance programme. All crew and cargo deductibles below US$25,000 will be increased by US$2,500 per deductible, and all other deductibles will go up by US$1,000. The Club has not ...
Continue ReadingWest of England 2016 General Increase announced
The West of England has announced there will be no General Increase on P&I or FD&D for 2016. West of England remains the only IGA Club not to apply the General Increase to the Group Excess of Loss Reinsurance costs. Deductibles will be increased by 10% or USD1000, whichever is the higher, up to a maximum USD2500 and Rules deductibles ...
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