The Standard P&I Club announces 2010 General Increase
The Standard P&I Club board will be requiring a 3% general increase in premium rates for 2010 P&I renewal, whilst members with adverse records should expect their premiums to be further increased.
Rates will also be adjusted following any increase in the International Group reinsurance program costs. The managers have also received instructions to increase deductibles where necessary.
Regarding the Defence Class, the Club has determined that there will be a 15% general increase in premium rates, and the deductible, although remaining at 25%, will be subjected to a minimum of USD10,000 with no maximum amount.
Regarding the Open policy years, no calls in addition to the Estimated Total Premium are expected at this stage.
For a full copy of the Club’s announcement, please contact FP Marine Risks.
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