Posts tagged: renewal
Japan Shipowners P&I Club announces 10% increase for 2011 P&I renewals
7 December 2010
Posted in Blog
The Board has decided to implement a 10% 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 [...]
Read more »Swedish Club sets General Increase for 2011
7 December 2010
Posted in Blog
The Board of Directors agreed a 2.5% General Increase on rate for renewal of P&I entries for the 2011-2012 policy year, whilst a General Increase applicable to their FD&D entry is set at 10%.
Read more »American Club announces 2% General Increase for 2011
26 November 2010
Posted in Blog
The board has decided that for mutual P&I entries, all expiring advance call premium will be subject to a 2% General Increase for 2011 renewal, whilst the mutual FD&D entries will be subject to a 10% increase on expiring advance call. Deferred calls for both P&I and FD&D are budgeted at 25%. Any additional costs [...]
Read more »West of England P&I Club sets General Increase for 2011 Renewals
16 November 2010
Posted in Blog
The board has decided to increase Members’ advance calls by 5% for 2011 P&I renewals, and will seek specific increases from Members with an adverse claims performance. In addition, the reinsurance costs will be payable at its actual cost. The forecast additional call for 2010 is 30% and the further release call is 30% of [...]
Read more »The London Club calling for 5% General Increase
16 November 2010
Posted in Blog
The Club’s Committee has decided to apply a 5% increase 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 currently below USD15,000 [...]
Read more »Steamship Mutual announces no General Increase for 2011 P&I and FD&D renewals
16 November 2010
Posted in Blog
The Club’s directors have decided that no general increase will be sought this year, however individual Member’s record will be assessed as per usual. Any adjustment in reinsurance costs, whether upwards or downwards, will also be passed on to the Members. No general increase will be sought for FD&D either. Release calls have been set [...]
Read more »Shipowners P&I Club confirms no General Increase for 2011
16 November 2010
Posted in Blog
The Directors have decided that no general increase will be sought form Members for the 2011/2012 policy year. Nonetheless, the Club will take into consideration each individual Member’s claims performance and vessel sectors to seek specific premium increases. Additional call for 2010/11 is reduced to zero, and estimated additional call for 2011/12 is zero. For [...]
Read more »North of England calls for General Increase for 2011 renewal
16 November 2010
Posted in Blog
The Directors have decided to apply a General Increase of 3% to expiring premium rates, and Members with adverse loss records should expect higher increases. 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 currently below USD5,000 will [...]
Read more »UK Defence Club sets General Increase for 2011 renewal
16 November 2010
Posted in Blog
The UK Defence Club has decided that a 2.5% increase in the premium rating will be sought from all Members for the 2011 policy year, prior to further adjustments based on Member’s records. For a full copy of the Club’s circular, please contact FP Marine Risks.
Read more »Gard announces no General Increase for 2011 P&I renewal
29 October 2010
Posted in Blog
The Board of Gard has advised that no General Increase is required for mutual P&I entries at the 2011 renewal, whilst a 10% General Increase for FD&D mutual entries has been decided. Individual premium rating will be dependent on the Member’s loss record and risk profile, and will be further adjusted according to the International [...]
Read more »Britannia calls for 5% General Increase for P&I renewal 2011
22 October 2010
Posted in Blog
The Committee has decided to increase the existing advance call rates by 5% for P&I entries and in addition the Members’ individual rates will be adjusted based on the cost of the International Group reinsurance program, as well as their individual claims’ records. The deferred call for 2010 is 40%. The Club will also continue [...]
Read more »Skuld abandons principle of “General Increase”
22 October 2010
Posted in Blog
The Club has decided to abandon the principle of a “General Increase”, instead focusing on the performance of individual members’ records to decide on increases at renewal. They believe this approach is more in line with other sectors of the marine insurance industry, however they are keen to stress that this should not be taken [...]
Read more »Standard P&I Club announces 2011 General Increase
22 October 2010
Posted in Blog
The Standard P&I Club board is seeking a 3.5% general increase in premium rates for 2011’s 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. Deductibles below USD10,000 will be increased by USD1,000. Regarding [...]
Read more »UK P&I Club sets General Increase for 2011
22 October 2010
Posted in Blog
The UK P&I Club has decided that a 5% increase in the premium rating will be sought from all Members for the 2011 policy year, plus any increase in the costs of the International Group reinsurance premium for the mutual Members. As far as deductibles are concerned, the standard minimum deductible will remain at USD5,000 [...]
Read more »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 [...]
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