American Club announces nil General Increase for 2017
The American Club has announced they will not be seeking a General Increase for 2017 on their mutual or fixed P&I and FD&D entries. The Club has updated their Release Calls on open years as follows: 2017 – 20% 2016 – 20% 2015 – 15% 2014 – 12/5% In addition, the Club has increased the following deductibles: SCOPIC claims to ...
Continue ReadingSteamship Mutual announce nil General Increase for 2017 and 10% rebate for 2014/15 policy year
Following their meeting on 25 October, the Steamship Mutual has decided to return capital to the Club’s Members. The return will be 10% of premium paid on Class 1 (P&I) owned mutual entries in respect of the 2014/15 policy year. It was also decided that no General Increase was required at the 20 February 2017 renewal – this being the ...
Continue ReadingGard announces nil General Increase for 2017
Gard have announced that no General Increase will apply for the 2017 P&I and FD&D renewal and that Members should continue to budget for the current 25% Deferred Call on the 2016/7 year. Gard would usually announce any reductions in their Deferred Calls for 2016 at their Board meeting in May 2017. The decision to announce a nil General Increase, ...
Continue ReadingStandard Club announces nil General Increase and 5% return
Following its board meeting in Tokyo on 21st October, the Standard Club has announced stable underwriting results and a healthy investment forecast for the current year. Free reserves are expected to increase at the year ending February 2017 and, as such, the board has decided that there will be no general increase for the coming 2017 renewal and the Club ...
Continue ReadingCuban Sanctions – Hull and War Insurance
UPDATE 25 October 2016 Since our original post, the US has continued to roll back the sanctions in place with the latest amendment significantly reducing the ban on vessels calling in to the US for 180 days after a call to Cuba. Essentially, if the cargo being carried to Cuba is on the latest list as an EAR99 cargo, then the ...
Continue ReadingBritannia announces nil GI for 2017 and reduces Deferred Calls for 2014 and 2015 Policy years.
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 ...
Continue ReadingThe “Longchamp” – a judgment with consequences?
General Average is commonly seen in insurance policies and other contracts in shipping industry. English law defines a general average act as any extraordinary sacrifice or expenditure voluntarily and reasonably incurred for the common safety and for the purpose of preserving the property in peril in a common maritime adventure. The York-Antwerp Rules (YAR) lay down the items allowable in a ...
Continue ReadingKey market needs to ‘substantially improve’ efficiency – Our Comments
This article first appeared in Business Insurance. The marine insurance market in Singapore needs to ‘substantially improve its efficiencies to continue writing business at a profit’ as margins are squeezed by the current soft market, according to a prominent broker. Andrew Brooker, founding partner of marine specialist Latitude Brokers, told Insurance Business that the marine market faces a tough challenge ...
Continue ReadingClaims Alert – Fraudulent Bank Accounts (updated again 22 April 2016)
UPDATE 22 APRIL 2016 Further to our advices below, we have received another alert from the International Transport Intermediaries Club (ITIC), a specialist professional indemnity insurer for the transport industry, which shows that the fraudsters continue to find different and elaborate ways to deceive clients in the marine industry. The full circular is available here, but the ITIC specifically advise: ...
Continue ReadingSocial Media use in a crisis
As we all know, social media in its various forms is a powerful tool of communication used in the shipping industry to raise awareness on ongoing industry issues, create action groups and, of course, for PR (we certainly use it for all three). However, as the Norwegian Hull Club (NHC) have helpfully pointed out in their below ‘alert’ – there ...
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