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 again the standard deductible to USD10,000. This effectively represents a 100% increase of the Club’s standard deductible over the past 5 years.
The Club has further confirmed there is no supplementary calls estimated for the open policy year, and the release calls have been updated as follows:
2015 policy year: 15%
2014 policy year: 15%
2013 policy year: 10%
2012 policy year: 5%
The Club had their A rating restored by S&P earlier this year.
The circulars regarding the Board Meeting are available on the UK P&I Club’s website:
http://www.ukpandi.com/knowledge/article/circular-11-14-general-meeting-reports-130678