2015 Archives - Page 3 of 4 - Latitude Brokers

London P&I Club announces 2015 General Increase

A.Bilbrough & Co, managers of the London P&I Club, have announced the Club will seek a general increase of 6% in Annual Call Rates for the 2015/6 Policy Years for both mutual P&I and FD&D entries. The Club will increase P&I deductibles that are below USD15,000 by USD2000, with FD&D deductibles remaining unchanged. The Club have set Release Calls for ...

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 ...

Standard 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 ...

Fixed 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 ...

North 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 ...

West 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 ...

Shipowners 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 ...

Steamship 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 ...

Britannia 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 ...

UK P&I Club 2015 General Increase announced

At their recent meeting the Directors of the UK P&I Club have agreed on a general increase of 6.5% on P&I premium for at 2015 renewal. In addition, as per previous year, any change in the International Group reinsurance premium will be charged at cost to Members. As part of the effort to maintain underwriting balance, the Club is increasing ...