North of England announces 7.5% GI for 2020 renewals
The Board of the Club has decided that a 7.5% general increase on P&I and FD&D premium is necessary for 2020 policy year to address the premium erosion and increased claims environment. The Circular doesn’t make reference to any particular uplift in standard deductibles. The Club’s circular is available on their website as well as the Pre-renewal report.
Continue ReadingThe American P&I Club levies supplementary calls on back years at 2020 renewal
The Club’s board has decided that a standardized increase for 2020 is not the way for the Club to address the need to improve underwriting results , given the difference in risk profile and current premium level of their membership. The Club will however seek to achieve an increase in premium for 2020, based on individual profile. The Club is ...
Continue ReadingGard confirms Nil GI for 2020
Gard’s board of directors have decided that no General Increase was necessary for 2020 Owners mutual entries., with last instalment set at 20% of ETC. The Club confirms 20% reduction in ETC for policy year 2016 and 2017, whilst 2018 is expected to be closed with 10% reduction on ETC. Last premium installment for 2019 remains 20% of ETC at ...
Continue ReadingUK P&I Club seeks 7.5% overall increase for 2020 policy year
The Board of the UK Club has decided to address the premium deficit by targeting a 7.5% premium increase overall, rather than by setting a General Increase. Each Member will be reviewed based on their risks exposure and current level of premiums, in order to achieve a 7.5% increase across the Club’s membership. In addition for 2020 policy, the standard ...
Continue ReadingClaims Alert – Valuations, Fair Market Values and Disclosure
We are grateful to Waltons & Morse for their recent briefing in respect of a claim made by an Assured for the total loss of a superyacht that was over-valued in a hull policy. The facts are as detailed in the briefing, but we are concentrating on two main aspects: the Assured over-valued the yacht in question; and did not disclose ...
Continue ReadingSingapore Insurance market – recent moves
As we “predicted” in our earlier blog, the ongoing consolidation would give rise to further changes and create opportunities for new leaders to emerge as well as new entrants to the Asian market continuing to focus on Singapore as their base. At the Lloyd’s new office opening party in Singapore recently, there were over 300 underwriters and brokers, many of ...
Continue ReadingLodestar Increases P&I Limit to USD1bn
Further to our blog in November 2014 about the fixed premium Clubs providing higher limits, Lodestar Marine in London have now obtained reinsurance support to offer the full USD1bn limit. With the increasing competition both within the fixed premium market and to move tonnage placed within the International Group, there is a continuing need to differentiate. The USD1bn limit will allow ...
Continue ReadingNHC increase Charterer’s Liability limits to USD500m from 1st January 2015
The Norwegian Hull Club’s specialist Charterer’s Liability underwriting arm will, from 1st January 2015, be able to offer up to a USD500m limit of liability. Whilst not every charterer (or more frequently, owner) demands USD500m of cover, other markets in the form of many of the International Group (IG) Clubs, The Charterers Club and Raetsmarine, already write to USD500m. Charterama BV ...
Continue ReadingFixed 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 ...
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