Britannia calls for 5% General Increase for P&I renewal 2011
The Committee has decided to increase the existing advance call rates by 5% for P&I entries and in addition the Members’ individual rates will be adjusted based on the cost of the International Group reinsurance program, as well as their individual claims’ records.
The deferred call for 2010 is 40%.
The Club will also continue the adjustment of deductibles, with minimum deductibles set as follows:
- Cargo claims USD5,000
- Crew claims USD1,000
- All other claims USD2,500
Regarding previous years, 2007 is closed without further call as expected, and 2008 is expected to be closed next year on the same basis after the full 40% Deferred Call has been called. The full 40% Deferred Call for 2009 is now called and the 40% Deferred Call budgeted for 2010 remains.
As far as FD&D entries are concerned, advance call rates will remain as expiry for mutual members, with a Deferred Call set at 50%. Year 2006 is closed without further call, and no further calls in respect of 2007 and 2008 are made at the moment. The 20% Deferred Call for 2009 will be collected, and the 20% Deferred Call budgeted for 2010 remains.
For a full copy of the Club’s circular, please contact FP Marine Risks.
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