The Japan Ship Owners’ Mutual P&I club requests 12.5% increase
Tagged: P&I
The Board of Directors at The Japan Ship Owners’ Mutual P&I Association has decided to implement a 12.5% increase on the P&I advance calls rates, with any adjustment in the cost of the International Group reinsurance program to be added. Individual member’s loss record will be reviewed for renewal in light of the above general increase.
The estimated supplementary call is set at 40% of the advance call.
No general increase is requested in advance calls for FD&D entries, and the estimated supplementary call is set at 20% of the advance call, and the release call 25%.
2006 policy year is now closed without a further supplementary call, and none is expected for the 2007 policy year.
A supplementary call of 30% will be levied for 2008, and a part of 40% estimated supplementary call for 2009 may be collected shortly after the end of this policy year.
Release calls are 5% for 2007 and 2008, and 45% for 2009 and 2010.
Please contact FP Marine Risks to obtain a full copy of the Club’s circular.
Recent articles
8 September 2010
The global economic slump created conditions that should have left marine insurance clients bearing the brunt of a hardening market and spiralling premiums. Not only did that not transpire, but it is not likely to either.
Blog
9 August 2010
Sanctions against Iran are having an inevitable impact as insurers introduce new clauses to avoid possible breaches.
Press releases
29 April 2010
FP Marine Risks builds direct retail business in Australasia through acquisition of specialist cargo insurance agency
Opinions
26 March 2009
26 November 2008