Gard announces no general increase for 2010

30 October 2009

Posted in Blog

The Board of Gard has decided that no general premium increase will be required for mutual and fixed premium P&I entries for the 2010 year. This is not to say that Gard will not be seeking increases, simply that those increases will be dependant upon each individual member’s exposure and loss record. In addition, any increase in the International Group reinsurance programme costs will be passed on to members.

For 2010, deductibles will be increased by USD1000 for all P&I risks below standard terms with FD&D minimum deductibles increasing to USD5000.

In respect of prior years, 2006 has now been closed with no further calls being levied. Gard anticipate 2007 will be closed in October 2010 with no further calls being levied, commenting that the 2007 year should produce a surplus. The 2008 year, however, is likely to produce a deficit due to the investment losses incurred but the Club are not anticipating any supplementary calls being levied.

Release calls remain at 10% for 2008, 50% for 2009 and 50% for 2010.

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