Britannia announces 5% General Increase
Tagged: general increase, marine insurance, P&I
The Britannia Club has announced they will seek a 5% increase on advanced calls prior to any change in the reinsurance costs for the 2012 renewal. Such increases will be before any changes in the reinsurance costs.
In addition, minimum deductibles have been set at USD7,500, USD1,500 and USD3,000 for cargo, crew and others respectively.
No further calls will be made on the 2008/9 year.
The Club will waive half the deferred call for the 2009/10 year but will be collecting the balance of 7.5% immediately with a further review in 12 months’ time and an expectation that the year will then be closed.
The full 40% deferred call for 2010/11 will be collected, 25% immediately and the balance in 2012. The Club continues to advise members to budget the full 40% deferred call for the 2011/12 year.
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