West of England announces nil General Increase for 2018

The West of England has announced they will be seeking a nil General Increase (referred to as a standard surcharge) for P&I and FD&D renewals in 2018.

Group Reinsurance costs will be charged as fixed costs per GT as per existing practice.

P&I deductibles will be increased by USD1000 to a minimum USD12,000 and individual entries that carry deductibles below that level will be increased by 10% or USD1000, whichever is the higher.  There is no change to the standard FD&D deductible.

Importantly, the Club will now be levying premium on an Total MutualCall basis with 5 equal instalments (4 in the policy year, with the 5th due in August the following year).  West of England was the only Club not accounting on that basis, previously with a 65% Advanced Call and 35% Deferred Call.

There is no change to the current practice for time chartered/fixed premium placements.

Read the full announcement here.