At a glance – IG Club General Increases for 2017
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement or use for real time data comparison: American Club – 0% for ...
Continue ReadingNo General Increase for London Club for 2017
The London Club will be focusing on individual Members’ record and exposure for 2017/18 renewal, and no General Increase will be set on the P&I and the FD&D entries. The release calls on both classes for 2017/18 is 15%. Any adjustment to the IG reinsurance costs programme will be applied to the Members in the usual fashion. The release calls ...
Continue ReadingJapan P&I Club announces nil General Increase for 2017
The Japan P&I Club has announced they will be seeking nil General Increase for the Advanced Call for the 2017 policy year, with the Supplementary Call remaining at 40% of the Advanced. FD&D entries will also be subject to a nil General Increase. In addition, the Club has updated the Release Calls on open years as follows: 2017 – 45% 2016 ...
Continue ReadingNorth of England announces nil General Increase for 2017 and 5% Credit on 2016 year (Updated)
Updated 26 November 2016 Since the below announcement by the Club, they have clarified that the premium credit for 2016 is not conditional upon renewing in 2017. However, for Members who do renew, the premium credit will be offset against the first instalment for 2017/8. The North of England has announced they will not be seeking a general increase in ...
Continue ReadingAmerican 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 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 ...
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 ...
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