West of England announces 7.5% GI for 2021
The Club’s Board has decided to implement a 7.5% General Increase on P&I and FD&D mutual rates for 2021 policy year, and will further adjust rates for entries with adverse loss records. Standard P&I deductibles will be set at USD14,000, with deductibles below this level increased by USD2,500, but no change to FD&D standard deductible. Mutual rates will be adjusted ...
Continue ReadingSteamship 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 ...
Continue ReadingPress Release: Latitude Brokers opens Latitude Korea Ltd
Hong Kong, 3 July 2017– Latitude Brokers, the Asia based marine insurance specialist, has opened a liaison office in Seoul, Korea. Latitude’s office in Seoul will be their third in Asia, having opened in Hong Kong and Singapore in 2014 and 2016 respectively. Latitude Korea Ltd is wholly owned by Latitude Brokers Ltd and will be run by Mr SW ...
Continue ReadingFounding Partner Relocating to Singapore
We are pleased to announce that Tom Fulford-Smith will be relocating to our Singapore office with effect from 1st September 2017, subject to regulatory approval. Tom will join Charles D’Alton, growing our team to six staff in Singapore this year. Vanessa Toucas and Andrew Brooker will continue to run our Hong Kong office, with all four Founding Partners managing our ...
Continue ReadingInternational Group Reinsurance (GXL) Renewal 2017
The IG Clubs have completed the negotiations for the GXL renewal for the 2017 policy with a favourable result for owners. The IG Clubs pass on savings (and increases) to their Members at cost, so any reduction will translate directly to owner Members in their 2017 renewals. The Clubs increased their retention to USD10m at 20 February 2016 which remains ...
Continue ReadingNo General Increase for London Club for 2017
The London Club will be focusing on individual Members’ record and exposure for 2017/18 renewal, and no General Increase will be set on the P&I and the FD&D entries. The release calls on both classes for 2017/18 is 15%. Any adjustment to the IG reinsurance costs programme will be applied to the Members in the usual fashion. The release calls ...
Continue ReadingCuban Sanctions – Hull and War Insurance
UPDATE 25 October 2016 Since our original post, the US has continued to roll back the sanctions in place with the latest amendment significantly reducing the ban on vessels calling in to the US for 180 days after a call to Cuba. Essentially, if the cargo being carried to Cuba is on the latest list as an EAR99 cargo, then the ...
Continue ReadingSocial Media use in a crisis
As we all know, social media in its various forms is a powerful tool of communication used in the shipping industry to raise awareness on ongoing industry issues, create action groups and, of course, for PR (we certainly use it for all three). However, as the Norwegian Hull Club (NHC) have helpfully pointed out in their below ‘alert’ – there ...
Continue ReadingGood news for shipowners as IG reinsurance rates down.
A combination of 4 years’ profits for International Group reinsurers, increased market capacity, increased risk retention by the Group’s captive, Hydra, and the use of a third multi-year fixed placement has enabled the Group to negotiate a successful renewal of the General Excess of Loss programme and the excess War P&I cover, resulting in rate reductions for shipowners and charterers ...
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 ...
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