The estimated supplementary call is set at 40% of the advance call.

The Club has also revised their standard deductibles and will bring in line deductible levels for their entries as necessary.

No general increase is requested in advance call for FD&D entries, and the estimated supplementary call is set at 20% of the advance call, and release call 25%.

30% supplementary call for 2007 was levied as per original estimate and the policy year is now closed without further supplementary call.

30% supplementary call for 2008 was levied earlier this year and no further supplementary call is expected.

40% estimated supplementary call for 2009 will now be levied and due for payment by the end of January 2011.

40% estimated supplementary call for 2010 remains

Release calls are 5% for 2008 and 2009.

Release calls for 2010 and 2011 are 45%.

Please contact FP Marine Risks to obtain a full copy of the Club’s circular

Deferred calls for both P&I and FD&D are budgeted at 25%. Any additional costs of the Club’s reinsurance arrangements for 2011 will be charged separately.

As the same time, the board is now levying the full 25% supplementary call originally forecast for year 2010, which will be invoiced before the end of the year, but payable in 2011.

No further calls are expected for 2008 and 2009.

Release calls are 10% for 2008, 25% for 2009 and for 2010, and 50% for 2011.

For a full copy of the Club’s circular please contact FP Marine Risks Ltd.

The forecast additional call for 2010 is 30% and the further release call is 30% of the advance call.

The Club will also increase all deductibles of USD12,500 or less by a minimum of USD2,000.

Regarding the FD&D entries, a general increase of 7.5% will apply to all advance call rates, with 30% forecast additional call and 30% release call.

For a full copy of the Club’s circular, please contact FP Marine Risks.

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 will be increased by USD2,000.

As far as previous years are concerned, 2007 is closed without further call, and no further call is anticipated for 2008 and 2009.

The release call for 2009 is reduced to 20% Advance call, whereas the rates remain unchanged for the other open years.

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 as follows: 5% for 2008, 15% for 2009, and 20% for 2010 and forthcoming 2011.

For a full copy of the Club’s announcement, please contact FP Marine Risks.

Additional call for 2010/11 is reduced to zero, and estimated additional call for 2011/12 is zero.

For a full copy of the Club’s circular, please contact FP Marine Risks.

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 be increased by USD1,000.

Release call is set at 20% for 2010.

The cost of FD&D cover is to increase by 10%. Release call is set at 20% as well.

For a full copy of the Club’s circular, please contact FP Marine Risks.

Individual premium rating will be dependent on the Member’s loss record and risk profile, and will be further adjusted according to the International Group reinsurance programme costs.

The deferred call for all mutual entries is 25% of the advance call.

There will be no change to the Club’s standard deductibles, but deductibles below standard terms will be increased by USD1,000.

As far as prior policy years are concerned, 2007 is now closed without any supplementary call. The Club expects no supplementary calls to be levied for 2008 and 2009, and advises the 25% deferred call for 2010 is maintained.

Release calls for 2008 and 2009 are reduced to Nil and 10% respectively, and are set at 50% for 2010 and 2011.

For a full copy of the Club’s circular, please contact FP Marine Risks.

The deferred call for 2010 is 40%.

The Club will also continue the adjustment of deductibles, with minimum deductibles set as follows:

-       Cargo claims     USD5,000

-       Crew claims      USD1,000

-       All other claims USD2,500

Regarding previous years, 2007 is closed without further call as expected, and 2008 is expected to be closed next year on the same basis after the full 40% Deferred Call has been called. The full 40% Deferred Call for 2009 is now called and the 40% Deferred Call budgeted for 2010 remains.

As far as FD&D entries are concerned, advance call rates will remain as expiry for mutual members, with a Deferred Call set at 50%. Year 2006 is closed without further call, and no further calls in respect of 2007 and 2008 are made at the moment. The 20% Deferred Call for 2009 will be collected, and the 20% Deferred Call budgeted for 2010 remains.

For a full copy of the Club’s circular, please contact FP Marine Risks.

2007 policy year is now closed.

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 the Defence Class, the Club has determined that there will be a 3.5% general increase in premium rates.

Regarding the Open policy years, no calls in addition to the Estimated Total Premium are expected at this stage, for both P&I and FD&D classes

Release calls rates have been set at: 5% for 2008, 10% for 2009 and 15% for 2010.

Release calls for open policy years for FD&D is 10%>

For a full copy of the Club’s announcement, please contact FP Marine Risks.

As far as deductibles are concerned, the standard minimum deductible will remain at USD5,000 for 2011 renewal.

Regarding prior years, no further supplementary premium is anticipated for 2008, 2009 and 2010 policy years.

Release calls are set at 5% for 2008, 10% for 2009, 15% for 2010 and 20% for 2011.

For a full copy of the Club’s circular, please contact FP Marine Risks.

Cefor has sought to clarify the relationship between the NMIP and the International Group P&I cover, specifically in relation to piracy risks under Chapter 15.

Clauses 15-20 make it clear that the war cover provided by Chapter 15 is seamless in relation to the war exclusion clauses used by the International Group of P&I Clubs.

Furthermore, Clauses 15-22 make it clear that the cover provided by P&I clubs is always subsidiary to the war cover provided by Chapter 15.

As Cefor has stated, this is important in relation to piracy, which is a war peril under the Plan but a marine peril under International Group P&I Cover, and means that all piracy-related losses will be covered by the Chapter 15 Insurer.

P&I Club cover is now per Gard’s Rules, not Skuld’s, in the event that the owner has cover with a non-International Group Club.

Collision cover under the NMIP no longer includes liability for damage to coral reefs, which the NMIP clarifies is more traditionally a P&I risk.

We anticipate that the NMIP 2010 will become standard for each renewal or new business led by the Norwegian market currently on NMIP 2007 terms.

Thank you to Cefor for the explanatory notes – further information can be obtained from your usual contact at FP Marine Risks.