Britannia P&I Club announces nil General Increase for 2019/20
The Britannia P&I Club, managed by Tindall Riley & Co, has announced it will be seeking a nil General Increase for 2019/20 year, with any changes of the International Group Reinsurance costs being passed on to Members in the usual way.
The Club will also be seeking to increase minimum deductibles as follows:
| 2018 | 2019 | |
|---|---|---|
| Cargo | USD12,500 | USD14,000 |
| Crew | USD3,000 | USD4,000 |
| All Others | USD7,000 | USD8,000 |
The Club continues to set their Deferred Call at 45% of the Advanced Call. The Club will now close the 2015/6 year with no further calls, and is calling the full budgeted 45% Deferred Calls for 2016/7 and 2017/8. The Club are advising Members to continue to budget for the full 45% Deferred Call for 2018/9.
Release Calls remain set at nil for all open years.
The full details of the P&I General Increase can be found here https://britanniapandi.com/publication/calls-pi/
In respect of FD&D, the Club is also seeking a nil General Increase and is calling the originally budgeted Deferred Calls for 2017/8 immediately, with the 2019/20 set at 30%. In addition, the Club is increasing the deductible from USD5,000 to USD7,500 + 1/3rd of costs in excess of that. In 2019/20, the Club will cap Member’s exposure to that deductible at USD150,000 in excess of USD7500. The full details of the FD&D General Increase can be found here https://britanniapandi.com/publication/calls-fdd/
The Club’s Board has also directed that the Club should make a capital distribution owner Members of the Club as at 16 October 2018 of USD10m, payable to each Member based on their proportion of net P&I premium on that date as against the whole Club.
The Club will distribute funds on 3 December 2018. The full details of the capital distribution can be found here https://britanniapandi.com/publication/capital-distribution-to-members/.
This is in addition to the earlier USD20m capital distribution paid to each Member on 2nd July 2018.