P&I Archives - Page 14 of 19 - Latitude Brokers

Britannia 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 ...

Nil General Increase for West of England

Further to the Club’s Board meeting earlier this week, West of England has announced that they will not apply any General Increase on Advance Calls at 2017 renewal across their Owners P&I, Charterers’ Liability and FD&D entries for the second consecutive year. The Forecast Additional Call (due on or before 20 August 2018) is set at 35% of the Advance ...

Nil General Increase for SOP whilst Skuld confirms Return Premium and Steamship is considering

The Shipowners P&I Club has just opened the ‘General Increase announcement’ season by releasing their half-year financial results, which shows an increase in the Club’s free reserves to USD291.2 million as at 30 June 2016. Last year, the Club announced that they will change their financial year from 20th February to 31st December, and after reporting free reserves as at ...

Claims 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: ...

Social 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 ...

Iran Sanctions lifted on 16 January 2016 aka Implementation Day (updated)

Further to the Joint Comprehensive Plan of Action (“JCPOA”) agreed on 14th July 2015, the EU and the United States agreed on 16th January 2016 to partially lift the nuclear-related sanctions against Iran. Whilst operators are certainly eager to engage in commercial activities with Iran, the 2nd largest economy in the region, it is critical first to review the extend ...

Good news for shipowners as IG reinsurance rates down.

A combination of 4 years’ profits for International Group reinsurers, increased market capacity, increased risk retention by the Group’s captive, Hydra, and the use of a third multi-year fixed placement has enabled the Group to negotiate a successful renewal of the General Excess of Loss programme and the excess War P&I cover, resulting in rate reductions for shipowners and charterers ...

Swedish Club 2016 General Increase announced

The Swedish Club has announced a nil General Increase for the 2016 policy year for both P&I and FD&D classes with any changes in the GXL Reinsurance programme being passed on to Members. Deductibles will be increased by USD1000 for cargo and crew liabilities. Release calls have not been updated yet. The full circular can be found here or on ...

Skuld 2016/7 Renewal Update announced

Skuld will continue to underwrite their 2016/7 policy renewals based on individual Member’s records rather than announcing a General Increase, so their announcement is different to other IG Clubs. They will pass on any changes in the IG GXL Reinsurance costs to Members when they are finalized. However, Skuld have announced their mutual Members will receive a guaranteed premium credit equivalent ...

Overview of 2016 IG P&I Club General Increases (Final)

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: American Club – 2.5% Britannia – 2.5% Gard – 2.5% Japan – 3% London – 5% North of England – 2.5% Shipowners – 0% Skuld – (not applicable) ...