American P&I Club 2015 General Increase announced
The American Club has announced a 4.5% General Increase will apply to all mutual premium P&I entries in 2015. This shall be placed against the Estimated Total Premium. The following classes will also be subject to a 4.5% General Increase: Mutual and Fixed premium FD&D Fixed premium P&I Damage to Hull (DTH) for charterers cover In addition, all deductibles will ...
Continue ReadingStandard P&I Club announces 2015 General Increase
The Standard Club has announced a 5% general increase will be applied to all mutual P&I premiums at the 2015 renewal. All deductibles will increase by 10% and, importantly, the Club will now apply deductibles to correspondent’s, survey and legal fees. A change to the Club Rules will be made to reflect this. Steel pre-loading surveys will only be paid ...
Continue ReadingNewbuilding Program – Insurance Contract Review
According to RS Platou’s October 2014 Monthly Newsletter, there have been 748 newbuildings ordered for the year to date, with 2463 vessels due for delivery from now to 2016 and beyond. Whilst we do not intend to comment on the reasons for that here, what we do know is that for many stakeholders, insurance is a long way down the ...
Continue ReadingNHC increase Charterer’s Liability limits to USD500m from 1st January 2015
The Norwegian Hull Club’s specialist Charterer’s Liability underwriting arm will, from 1st January 2015, be able to offer up to a USD500m limit of liability. Whilst not every charterer (or more frequently, owner) demands USD500m of cover, other markets in the form of many of the International Group (IG) Clubs, The Charterers Club and Raetsmarine, already write to USD500m. Charterama BV ...
Continue ReadingFixed Premium P&I market increasing limits offered for 2015 renewals
Whilst the International Group P&I Clubs are announcing their General Increases for the forthcoming year, the fixed premium markets are busy increasing their limits in advance of the P&I renewal season in 2015. In no particular order: Skuld’s fixed premium product, British Marine (part of the QBE Group) and Hydor all offer USD1bn; Lodestar currently write to USD500m, but are ...
Continue ReadingNorth of England Club 2015 General Increase announced
North of England have announced a 4.75% General Increase for all P&I mutual entries for 2015, which is broken down between a minimum mandatory increase per member of 2.5% and an increase for record. The General Increase reflects the Club’s increase in Pool contributions which has risen to a more comparable level with the Club’s tonnage as a result of ...
Continue ReadingWest of England 2015 General Increase announced
For Mutual entries, the Board have agreed on a 2.5% General Increase on P&I Advance Calls and nil General Increase on FD&D Advance Calls. The forecast additional calls for both classes are set as the same level as the past 2 years, ie 35% of Advance calls, payable in August 2016. This effectively means that the General Increase on the ...
Continue ReadingShipowners P&I Club 2015 General Increase announced
The Shipowners’ P&I Club has announced a “nil” general increase for the 2015 renewal following the issuance of a strong half-year report. The report (unaudited) shows a higher gross earned premium versus the same point last year despite the club’s withdrawal from the Pacific North West fishing sector. The underwriting shows a small policy year surplus to date and improvements ...
Continue ReadingSteamship Mutual P&I 2015 General Increase announced
The Steamship Mutual P&I Club has decided not to seek a general increase on any class of business in 2015/16. The club’s decision seems largely influenced by its improving financial position amid continued downwards pressure on its members’ earnings. The strengthening of the club’s finances is related to an improvement in back year claims together with a moderate claims experience in ...
Continue ReadingBritannia P&I Club 2015 General Increase announced
Britannia has announced an 2.5% general increase on the advance call for the 2015 P&I renewal. The club circular points to an “encouraging claims background” and “continued financial strength” as the guiding factors for its decision. Adjustments in ‘excess of loss’ reinsurance costs will continue to be passed on to the members although there will be no increase in the ...
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