Skuld P&I Club announces 2015 ‘Premium Structure’
As in recent years, Skuld’s position with regard to General Increases is unique within the IG in that they believe in adjusting each Member’s base premium upon a number of factors rather than a General Increase which is then adjusted for record. Those factors are as follows: i. statistical records taking into account claim costs, types of claim, claims trends as ...
Continue ReadingLondon 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 ...
Continue ReadingHanseatic P&I to open in Shanghai
Hanseatic P&I, the Hamburg and London based specialist fixed premium P&I provider has been granted a licence to open an office in Shanghai. The office will concentrate on claims and business development with the office having opened this month. This marks a further commitment to the Asia region, with Hanseatic staff speaking Mandarin and English to serve the local Chinese ...
Continue ReadingAmerican 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 ...
Continue ReadingStandard 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 ...
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 ...
Continue ReadingNorth 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 ...
Continue ReadingWest 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 ...
Continue ReadingShipowners 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 ...
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