Shipowners P&I Club to pass on increased reinsurance costs to pooled members
Further to the Club’s reinsurance costs rising over the past 3 years, particularly in relation to the Club’s contributions to Pool claims, the Directors have decided that Members’ P&I premium should be increased at 2010 renewal by 5%. This increase will only apply to the vessels declared to the Pool, i.e. those with a limit of cover above USD500 million.
At the same time, the Club will take into consideration each individual Member’s claims performance and vessel sectors to seek specific premium increases.
Contractual and other extensions to standard P&I cover will be subjected to an additional 5% on current premium levels.
The estimated supplementary call is set at 10%.
FD&D premiums will be renewed at expiring levels, based on Members’ individual claims records.
For a full copy of the Club’s circular, please contact FP Marine Risks
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