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

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

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

This is in addition to the earlier USD20m capital distribution paid to each Member on 2nd July 2018.