Teams Ido and Keido complete the Mission to Seafarers 2023 Adventure Race Japan !
We made it! Latitude Brokers teamed up with Taylor Maritime and the Mission to Seafarers in Hong Kong to enter two teams in to the Adventure Race Japan to raise funds for the Mission’s work globally. Team Ido (Japanese for Latitude) was Vanessa Toucas, Janie D’Arch and Catherine Graham; and Team Keido (Longitude) was Andrew Brooker, Kevin Leach-Smith and Rev ...
Continue ReadingJoint War Committee updates War Listed Areas on 25th April 2023
On 25th April 2023, the Joint War Committee has revised the Hull War, Piracy, Terrorism and related Listed Areas to JWLA-031, with the following changes: Added: Sudan Amended: Europe Sea of Azov and Black Sea Waters plus inland waters: Should you require any assistance regarding War Risks, please do not hesitate to contact us.
Continue ReadingNorwegian Hull Club to pay back 7.5% Premium to Members
Norwegian Hull Club has recently announced a 7.5% proposed premium return (USD 13.6 million) for the year 2022 will be presented for approval at the Club’s AGM on 13 June 2023. If confirmed, this will be the third consecutive year of sharing profit with its members, which has shown reasonable stability in its financial performance despite the decision of ceasing ...
Continue ReadingIndian Ocean removed from the Piracy High Risk Area from 1st January 2023
Since 1st January 2023, the Indian Ocean (including the Gulf of Aden) has been removed from the High Risk Area for Piracy as defined by shipping bodies BIMCO, International Chamber of Shipping (ICS), International marine Contractors Association (IMCA), INTERCARGO, INTERTANKO and Oil Companies International Marine Forum (OCIMF). The Area removed is the High Risk Area as currently shown on UKHO ...
Continue Reading2023/2024 IG Reinsurance contract structure finalized
The IG’s Reinsurance Committee has now announced the GXL reinsurance contract for 2023/24 policy year has been finalized with rates as follows: Persistent Oil tankers + 3% / $0.6663/GT Clean Tankers +10.5% / $0.4051/GT Dry +6.2% / $0.5991/GT Containerships +10.5% / $0.7277/GT Passenger +0% / $3.8677/GT Chartered Tankers +7.5% / $0.3128 Chartered dries +7.5% / $0.1526/GT Malicious Cyber, Covid-19 and ...
Continue ReadingAt a glance – 2023/2024 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 for real time data comparison, use American Club – target minimum ...
Continue ReadingSwedish Club opts for 10% as P&I clubs wrap up 2023 general increases
In recognition of the need to maintain a balanced approach, the Board of The Swedish Club decided to set a 10% P&I General Increase for 2023. The FD&D General Increase has been set at 15%. The impact of increasing global inflation on claims costs as the main reason for the increase. The Gothenburg-based mutual is the last of the 13 members of ...
Continue ReadingUnbudgeted supplementary calls and 10% GI for Japan P&I at 2023 renewal
There will be a 10% general increase in mutual premium rates for Owners’ P&I and FD&D and charterers’ entries. In addition, Members’ rates will be adjusted as appropriate to reflect their individual claims record, as well as any changes in the cost of the International Group’s reinsurance programme. The Board of the Club has also decided to levy unbudgeted supplementary ...
Continue ReadingNorth of England declares 10% for 2023
The North have declared a 10% increase in premium rates at the forthcoming renewal for P& I Class and 15% on FD&D class. Members with adverse loss records will therefore have their rates and terms adjusted in excess of these minimum requirements, and adjustments to the IG reinsurance programme will be passed on to Members as usual. In order to ...
Continue ReadingStandard Club announces 10% GI for 2023 renewal
The Club has announced that it is seeking a 10% General Increase on P&I and Defense class premium rates for the 2023/24 policy year. The management will carry out analysis of individual owners’/members’ rating adequacy, terms and deductibles along with historical and forecast claims exposures, and additional contributions will be sought from owners/members with adverse records. The club’s investment portfolio, ...
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