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.
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