Britannia P&I Club also announces no general increase on P&I and FD&D rates for 2017 renewal.

At the same time, the Club is reducing 2014/15 and 2015/16 Deferred P&I calls as follows:

2014/15: the deferred call is reduced to 35% from 45% originally, then 40% in November 2014 and 37.5% in October 2015. 17.5% was collected in October last year, so Members will only be debited for a further 17.5% now, instead of 20% budgeted.

2015/16: the budgeted deferred call of 45% is reduced to 40% – the Club will debit Members for 20% of the Deferred call in October 2016 instead of 25%.

The budgeted 45% deferred call remains for 2016/17 (not due before October 2017), and the same level is maintained for 2017/18 policy year.

All deductibles at or below USD25,000 will be increased by 10% at 20 February 2017, and the minimum deductibles will be revised as follows:

Cargo claims – USD12,500 minimum (increased from USD10,000)

Crew claims – USD3,000 minimum (increased from USD2,000)

All Other claims – USD7,000 (increased from USD5,000)

FD&D Deferred Calls for the open years 2015/16 and 2016/17 are unchanged at 30% of advanced calls.

The press release from the Club is available here.

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