The Club has declared a 15% General Increase on rates at 2022 renewal, which they are breaking down in two parts: 7.5% to address the rising costs of the Club’s contribution to Pool claims and 7.5% to address the underwriting deficit. In addition, Members’ individual records will be assessed and their Terms and Conditions adjusted as necessary.

All deductibles below USD50,000 will be increased by a minimum of USD2,500, apart from Crew and other people related claims deductibles which will be increased by USD5,000, when below USD50,000.

Any change in the cost of the IG excess of loss reinsurance programme will also be passed on to Members as usual.

With regards to FD&D, the General Increase is set at 7.5%.

Release calls are set as follows:

2019/2020: 0% for P&I and FD&D

2020/2021: 5%for P&I and FD&D

2021/2022: 15% for P&I and FD&D

2022/2023: 15% for P&I and FD&D

Full details of the Club’s announcement are available in the Circular.

Tagged with: , , , , ,