London P&I Club General Increase 2016 announced
A Bilbrough & Co, managers of the London P&I Club have announced a general increase of 5% on P&I and FD&D premium at the 2016 renewal. In addition, as per previous years, any change in the International Group reinsurance premium will be charged at cost to Members. The Club is increasing deductibles by USD2000 this year, after the same increase for deductibles below ...
Continue ReadingUK P&I Club General Increase 2016 announced
At their recent meeting the Directors of the UK P&I Club have agreed on a general increase of 2.5% on P&I premium at the 2016 renewal. In addition, as per previous years, any change in the International Group reinsurance premium will be charged at cost to Members. The Club is maintaining the standard deductible at USD10,000 with no change this year. ...
Continue ReadingLatitude speaking on panels at 3rd Asia Marine Insurance Conference, 12-13 October
We are pleased to be involved with the 3rd Asia Marine Insurance Conference, being held on 12/13 October at the Excelsior Hotel in Hong Kong. Some of the industry’s most senior underwriters will be there offering their views on the industry. Charles D’Alton will be on the P&I panel and Andrew Brooker will be on both the Owner’s panel and ...
Continue ReadingAmerican Club latest to diversify in to H&M
The American P&I Club, managed by the Shipowners Claims Bureau Inc, is the latest P&I Club to diversify into the hull and machinery market. Shipowners Claims Bureau (SCB) have announced the opening of the American Hellenic Hull Insurance Company, based in Cyprus, but underwriting from Piraeus. SCB have joined with the Hellenic Hull Mutual and, subject to regulatory approval, will move their ...
Continue ReadingIran Sanctions being lifted…but still in place (Updated 3 Sept 15)
Update 3 September 2015: As the US moves towards congressional approval of the deal with Iran, timelines are becoming a little clearer now. Whilst, as at today’s update, the sanctions remain fully in place it appears more likely that the deal will be approved by the US, then the UN and, of course, Iran. At the same time, there appears ...
Continue ReadingThe New Marine Insurance Act 2015 (sadly now just called the Insurance Act 2015)
It’s fair to say that Marine Insurance isn’t well known for its rapid evolutionary pace. The Marine Insurance Act 1906 codified in law the practices at the time, which themselves dated back another 200 years in some parts. ‘Fast’ forward another 110 years and the new Insurance Act 2015 (no longer the Marine Insurance Act) will finally become law in ...
Continue ReadingLodestar Increases P&I Limit to USD1bn
Further to our blog in November 2014 about the fixed premium Clubs providing higher limits, Lodestar Marine in London have now obtained reinsurance support to offer the full USD1bn limit. With the increasing competition both within the fixed premium market and to move tonnage placed within the International Group, there is a continuing need to differentiate. The USD1bn limit will allow ...
Continue ReadingOff-Spec Bunkers remain a major issue
The International Bunker Industry Association has recently announced their intentions to tackle the issue of off-spec bunkers through collaboration with owners, operators and suppliers. Whilst the figures appear to be improving, as 8% of bunkers tested in Q1 2015 have been found to be off-spec, down from 10% in the same period 2014, those figures remain high and cause substantial ...
Continue ReadingReduction in the IG Excess Reinsurance Programme for 2015
Negotiations have been finalised for the International Group General Excess of Loss reinsurance contract and the favourable Pool claims experience for 2012, 2013 and 2014 policy years, have enabled the group to achieve rate reductions: minus 8.11% for clean and dirty tankers minus 6.05% for dry cargo vessels and no increase for passenger vessels and chartered entries. The Clubs apart from ...
Continue ReadingOur (very concise) View on P&I and H&M for 2015
We were kindly asked by Tradewinds to give a short overview of how we see the H&M and P&I market in 2015. Here’s what we said in Tradewinds 9 January 2015 edition: “P&I The main themes for 2015 are diversification, regulatory effects, fixed premium and the Nairobi Convention. Diversification of IG Clubs’ product base continues, the latest being Standard Syndicate ...
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