UK P&I Club sets General Increase for 2010
The UK P&I Club has decided that a 5% increase in the premium rating will be sought from all Members (mutual and fixed premium) for the 2010 policy year, plus any increase in the costs of the International Group reinsurance premium for the mutual Members.
As far as deductibles are concerned, although a majority of Members have individually tailored deductible levels, a minimum standard deductible of USD5,000 any claim, per event will become applicable at 2010 renewal.
Regarding prior years, no further supplementary premium is anticipated for 2007 and there is no supplementary premium estimated for 2009 policy year. However the Board has now levied the 20% supplementary premium for 2008 policy, which becomes payable in March 2010.
Release calls remain at 10% for 2007, 30% for 2008, 25% for 2009 and 25% for 2010.
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