Standard announces nil General Increase for 2019
The Standard Club has announced that no General Increase will apply to both P&I and FDD classes at the coming renewal, despite an notable increase in claims and a small reduction in free reserves projected for the end of the financial year. The club will attempt to apply a P&I deductible increase of 10% or USD2,000, whichever is greater. The ...
Continue ReadingGard announces nil General increase for 2019
Gard has announced there will be no General Increase for both P&I and FD&D entries at 20th February 2019. There will be no change in deductibles for either class. The management has pointed to a continued, stable claims environment and an improvement in Gard’s back year claims as the reasons behind its decision, notwithstanding its free reserves have also risen ...
Continue ReadingLondon P&I Club announces nil General Increase for 2019
The London Club has announced a nil General Increase for the 2019/20 policy year with any change in the Group reinsurance costs being passed onto the membership. There will be no change in the standard deductibles on a club wide basis however individual member’s deductibles will be scrutinized. This absence of a General Increase also applies to the Club’s Defence ...
Continue ReadingSteamship Mutual announces nil General Increase for 2019
Steamship Mutual has announced a nil General Increase for the 2019/20 year and the Club will make a capital distribution of 10% of premium paid for Class 1 P&I mutual entries in the 2018/19 policy year, in respect of vessels whose entries are renewed for the 2019/20 policy year. The Club has reduced Release Calls for P&I and FD&D as follows: ...
Continue ReadingWest of England P&I announces 5% general increase for 2019
West announces 5% general increase, citing increased “higher cost claims” and investment volatility. The West of England’s free reserves are forecast to fall for the first time in a number of years to a little under USD 300 million, following an increased frequency of higher cost claims which, compounded by continued volatility in the financial markets, have shown current premium ...
Continue ReadingBritannia 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 ...
Continue ReadingInternational Group Reinsurance (GXL) Renewal 2017
The IG Clubs have completed the negotiations for the GXL renewal for the 2017 policy with a favourable result for owners. The IG Clubs pass on savings (and increases) to their Members at cost, so any reduction will translate directly to owner Members in their 2017 renewals. The Clubs increased their retention to USD10m at 20 February 2016 which remains ...
Continue ReadingUK P&I Club announces 3% return on 2015/16 and Nil General Increase for 2017 renewal
The UK P&I Club, in line with all other IG Clubs so far has announced that they will not be seeking a General Increase across their Membership, but will focus on individual performance and records. The standard deductible will be increased to from USD10,000 to USD12,000 per event from 20 February 2017. At the same time, the Club will return ...
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