Standard Club announces General Increase at 5%
The Club’s board has decided to call a 5% General Increase on rates for the 2012 renewal, and anticipate many entries will have their rates adjusted to correct current premium levels. Any increase in the cost of the reinsurance programme will be passed on to Members as usual.
At the same time, all deductibles will be revised: deductibles up to USD10,000 will be increased by USD1,000 and deductibles above USD10,000 will be increased by 5%.
Payment of Estimated Total Premium (ETP) in 2012 will be reduced to 68% (against 72% in previous years) and 32% (previously 28%) of ETP will be payable in November 2013.
The release calls for the open policy years are as follows:
2009: 5%
2010: 10%
2011: 15%
2012/13: 15%
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