Posts tagged: P&I
Norwegian Plan updated for 2010
15 February 2010
Posted in Blog
Tagged: P&I, piracy, renewal, shipowner
The Nordic Association of Marine Insurers (Cefor) has now released the 2010 version of the Norwegian Marine Insurance Plan (NMIP) updating their 2007 version. Whilst there would not appear to be any fundamental changes, owners may wish to be aware of the following. Cefor has sought to clarify the relationship between the NMIP and the [...]
Read more »London Steamship calling for 5% General Increase
31 December 2009
Posted in Blog
Tagged: P&I
The Club’s Committee has decided to apply a 5% increase on 2009 Estimated Total Cost for the 2010/2011 Policy year, prior to further adjustments based upon individual records. Any adjustment to the reinsurance cost of the Club will also be applied to Members. The Release call rate is set at 15% of Advance Call. Additionally, all deductibles [...]
Read more »West of England P&I Club sets General Increase for 2010
31 December 2009
Posted in Blog
Tagged: P&I
The board of the West of England P&I Club has decided to increase Members’ advance calls by no less than 5% for 2010 P&I renewals, and will seek specific increases from those members with adverse claims records. In addition the reinsurance costs will be payable at its actual cost. The forecast additional call for 2010 is [...]
Read more »Skuld applies 5% General Increase for 2010
31 December 2009
Posted in Blog
Tagged: P&I
Renewals on all mutual classes will be subject to a general increase of 5% for 2010, although Members will be individually rated based on their loss record and risk exposure. At the same time, the Club is seeking an increase in deductibles of a minimum USD2,500. Any changes in the Club’s reinsurance costs will be applied to [...]
Read more »The Japan Ship Owners’ Mutual P&I club requests 12.5% increase
3 December 2009
Posted in Blog
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 [...]
Read more »North of England calls for General Increase for 2010
23 November 2009
Posted in Blog
Tagged: P&I
The Directors have decided to apply a General Increase of 5% to expiring premium rates, and Members with adverse loss records should expect a higher increase. In addition, any increase in the cost of the International Group Excess Loss Reinsurance Programme will also be applied to Members. All deductibles for P&I Risks will rise by 10% [...]
Read more »Gard announces no general increase for 2010
30 October 2009
Posted in Blog
Tagged: P&I, premiums, shipping
The Board of Gard has decided that no general premium increase will be required for mutual and fixed premium P&I entries for the 2010 year. This is not to say that Gard will not be seeking increases, simply that those increases will be dependant upon each individual member’s exposure and loss record. In addition, any [...]
Read more »The London P&I Club changes arrangements for collection of calls
28 October 2009
Posted in Blog
Tagged: P&I
The London Club has issued notice that, from 2010, the Club will quote on the basis of an Annual Call, which will include both the Advanced and Deferred Call. The Club will continue to collect over a deferred period, likely to be 30% in March 2010, 30% in July 2010 and 40% in December 2010 and [...]
Read more »West of England announces results of mid-year review
28 October 2009
Posted in Blog
Tagged: P&I
The West of England has confirmed that the 2007/8 year will now be closed without any further Calls applying. In addition, the Release Call for the 2007/8 year will be reduced from 30% to 15%. The 2008/9 year’s 45% Additional Call remains in place, due to be debited in January and August 2010, whilst the Club [...]
Read more »Britannia P&I Club announces 2010 general increase
28 October 2009
Posted in Blog
Tagged: P&I
The Britannia P&I Club has announced they will be seeking an Advanced Call increase of 5% for the 2010/2011 year with Members being advised to budget for a 40% Deferred Call. The increase in Advanced Call is before any changes in the International Group Reinsurance rating and individual Member’s loss records. In addition, the 2006/7 year [...]
Read more »P&I Clubs report heavy losses from investments
11 September 2009
Posted in Blog
Tagged: P&I, underwriting
Back in April we wrote that shipowners should consider their P&I club’s investment portfolio carefully; the recession has resulted in falling equity markets and therefore lower investment incomes for P&I Clubs who invested heavily in the markets. The result of this meant we were likely to see a more technical approach to underwriting and rising [...]
Read more »P&I Clubs report heavy losses from investments
11 September 2009
Posted in Blog
Tagged: P&I, premiums, underwriting
Back in April we wrote that shipowners should consider their P&I club’s investment portfolio carefully; the recession has resulted in falling equity markets and therefore lower investment incomes for P&I Clubs who invested heavily in the markets. The result of this meant we were likely to see a more technical approach to underwriting and rising premiums [...]
Read more »Lay Ups in Singapore – no sign of increasing premiums
28 May 2009
Posted in Blog
Tagged: P&I, ports and terminals, premiums, shipowner
Earlier this year, the American P&I Club issued a members alert regarding lay ups in Singapore. It refers to a general indication that Singapore’s port has become congested with laid up vessels and that members should be aware of an increased risk of collision. It appears that most claims have resulted from mis-calculating the [...]
Read more »Maersk Alabama – existing policies may not have responded to cover ransom
15 April 2009
Posted in Blog
Tagged: General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, Maersk Alabama, P&I, piracy
The Maersk Alabama made the news for many reasons after it was attacked by pirates recently, not least because it was the first American-flagged vessel to be hijacked in the Gulf of Aden. The crew was able to recapture their vessel, but the captain was taken as sole hostage on a lifeboat at sea. Uniquely, there was [...]
Read more »Owners recommended to consider Club’s investment portfolios
3 April 2009
Posted in Blog
Tagged: P&I, shipowner, underwriting
While economic times were good, Protection and Indemnity Clubs were able to use positive investment income, mostly drawn from exposure to equity markets, to reduce their calls to members whilst simultaneously growing their free reserves. The income allowed shipowners to enjoy reduced premiums even when there was an increase in claims activity, because of the [...]
Read more »Piracy and the effect on cargo owners
26 November 2008
Posted in Opinions
Tagged: Cargo, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, P&I, piracy, Somalia, war
In the waters off Somalia and the Gulf of Aden, the frequency of pirate attacks has intensified over the last two years as Somalia remains without a central government. International security efforts have increased, but their presence is having minimal impact on what is unquestionably a lucrative crime. Somali pirates are making ransom demands of up to [...]
Read more »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 March 2007