Steamship sets 2021 General Increase at 5%

The Steamship Mutual has announced their General Increase for 2021/22, set at 5% for P&I and FD&D. In addition, standard FD&D deductible will be increased to USD7,500 with USD50,000 cap, and abatement layer is revised to USD3.5 million (from USD1.8 million) with no coinsurance.

The rates will be further corrected as per Member’s individual exposure and adjusted once the costs s of the International Group reinsurance programme are finalised.

Release calls have been confirmed for P&I and FD&D as follows:

2018/19: 5%

2019/20: 10%

2020/21: 10%

2021/22: 10%

The Club’s circular is available here.