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 reviewing options to increase that by 20 February 2015; Navigators have announced they are seeking an increase to USD1bn in advance of the 2015 renewal; Hanseatic and Raetsmarine currently offer USD500m limits.

Not all fixed premium insurers need to write to such high limits – Carina, for example, benefits from being focused on much smaller tonnage (sub-5000GT) that may not require limits (or the cost of those limits) above USD50m although they do offer a USD500m limit where required. Eagle Ocean can offer up to USD100m limits for all new business from April 2014.

But, for those markets who are competing for vessels currently placed within the IG on a mutual basis, offering comparable higher limits, without the exposure to Release Calls or unbudgeted Deferred/Supplementary Calls represents another reason for owners to look carefully at their options at renewal.

We would be pleased to provide further details of the fixed premium/non-mutual options – please contact us via [email protected] or through your usual contact at Latitude.

 

Tagged with: , ,