Gard announces no General Increase for 2011 P&I renewal
The Board of Gard has advised that no General Increase is required for mutual P&I entries at the 2011 renewal, whilst a 10% General Increase for FD&D mutual entries has been decided.
Individual premium rating will be dependent on the Member’s loss record and risk profile, and will be further adjusted according to the International Group reinsurance programme costs.
The deferred call for all mutual entries is 25% of the advance call.
There will be no change to the Club’s standard deductibles, but deductibles below standard terms will be increased by USD1,000.
As far as prior policy years are concerned, 2007 is now closed without any supplementary call. The Club expects no supplementary calls to be levied for 2008 and 2009, and advises the 25% deferred call for 2010 is maintained.
Release calls for 2008 and 2009 are reduced to Nil and 10% respectively, and are set at 50% for 2010 and 2011.
For a full copy of the Club’s circular, please contact FP Marine Risks.
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