Posts tagged: renewal
Japan P&I Club sets GI at 5% for 2013
28 November 2012
Posted in Blog
Tagged: general insurance, P&I, renewal, shipowners
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%. The Members record will also be individually assessed as usual and rates will also be adjusted to reflect any change in the costs of the [...]
Read more »The American Club adopts 10% General increase
28 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
Whilst the Club’s retained claims exposure has developed in line with projections over the past two years, the Club is concerned about the continuing increase in the pooling costs. The Board has therefore agreed on a 10% General Increase on P&I and FD&D estimated total premium for the 2013/14 policy year. The General Increase will [...]
Read more »North of England seeks 15% General Increase for 2013
28 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
The Club has incurred an increased level of claims, in costs as well as in frequency, concomitantly with the increase in Pool claims experienced by the IG Group over the past couple of years. Their conservative approach to investments has maintained a positive return, albeit modest. This, combined with the overall increase in claims, is [...]
Read more »Britannia 2013 advance call to be increased by less than 5%
16 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
In response to the increase in costs of claims, including Pool claims, and in a context of reduced investment returns, the Club has agreed that a 12.5% increase in advance call is necessary for the 2013 policy year, with a 45% deferred call. However, the Club is mindful of the depressed shipping environment and has [...]
Read more »West of England calls for a total General Increase of 7.5%
16 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
The Club’s Committee has agreed on a 7.5% increase on P&I mutual premium for 2013, but to be split between the advance call and the forecast additional call: the advance call will be increased by 3.5% at renewal 2013 and the forecast additional call, payable in August 2014, will be increased to 35%. Individual records [...]
Read more »Gard sets General Increase at 5% for 2013
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowners
The Club’s mutual advance calls will be increased by 5% for 2013/14 for both P&I and FD&D classes. The Deferred call is set at 25% as per previous years. The Club’s standard deductibles will be raised by USD1,000. Changes in the costs of the Group reinsurance programme will be borne by Members. Deferred calls for [...]
Read more »The London Club announces increase in P&I and FD&D Annual Calls
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowner
The Committee has recently reviewed the Club’s position in respect of their retained claims, the increased costs of Pool claims and volatility of investment return; in light of those factors, the Annual rates for 2013 policy year will be increased by 12.5%, with any adjustment in the Group reinsurance programme being passed on to Members. [...]
Read more »The UK Club announces general increase for 2013, returns premium for 2011
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowners
At their recent meeting the Club’s board of directors agreed on a 7.5% increase on P&I Mutual premium for 2013, plus any increase in the Group reinsurance premium. At the same time they have decided on a 2.5% Mutual Premium discount for the 2011 policy year. The discount will be deducted from settlement of 2011 [...]
Read more »Steamship Mutual General Increase Announcement
30 October 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal
The Club Directors have decided on a 7.5% increase on all premiums for 2013. Members’ records will also be assessed as usual for further adjustments in premiums and also for adjustments in the deductibles. In addition, the costs of the IG reinsurance programme will be directly passed on to the Members. Release calls are set [...]
Read more »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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Blog
6 December 2012
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19 October 2012
Details of Skuld's premium adjustment for the 2013 renewal.
Press releases
16 April 2013
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks.
4 February 2013
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited.
Opinions
26 March 2009
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