The North have declared a 10% increase in premium rates at the forthcoming renewal for P& I Class and 15% on FD&D class. Members with adverse loss records will therefore have their rates and terms adjusted in excess of these minimum requirements, and adjustments to the IG reinsurance programme will be passed on to Members as usual.

 In order to contend with inflationary pressures on claims, all crew and other people related claims deductibles below US$50,000 will be increased by a minimum of US$2,500. All cargo and other claims deductibles will be increased by a minimum of US$1,000.

The Directors also decided to approve the FD&D Rules deductible remaining at 25%, with the minimum of US$10,000 per claim, but to remove the maximum deductible limit of US$150,000 per claim in order to ensure that Members continue to make an equitable contribution to larger claims.

Release call:

2020/21: 0% for P&I and FD&D

2021/22: 5% for P&I and FD&D

2022/23: 15% for P&I and FD&D

2022/23: 15% for P&I and FD&D

2023/24: 15% for P&I and FD&D

Full details of the club’s position are available in their circular.