For clarification and to prevent any miscommunication, please allow us to make that introductory statement about the 2 Standard Clubs.
Standard Club, as you know has two classes of P&I / FDD business acting as two different Clubs with their own free reserves. The oldest one called “Standard Club” is for larger tonnage, whereas the younger one for small tonnage is called “Standard Club Coastal and Inland Class” (previously called Standard London Class) is for smaller tonnage as its name suggests. These are simply the trading market names for both of these Clubs and both Clubs officially operate under the following registered company names chosen according to the geographical location of its members.
“The Standard Club UK Ltd.” (in UK)
“The Standard Club Ireland DAC.” (In Ireland)
“The Standard Club Asia Ltd.” (In Singapore)
Their renewal circulars with detailed information are attached.
STANDARD CLUB (larger tonnage)
Club advises that a 10% general increase on all members’ P&I and FDD premiums is necessary with additional contributions for adverse records. While there will be no change to FDD deductibles, all P&I deductibles to increase by 10% subject to a minimum increase of USD 2,000 for crew and cargo claims. Members preferring to maintain existing deductibles would be requested to pay additional premium adjustments.
Any adjustment in the group excess of loss reinsurance programme will be reflected to the member’s agreed premium for the new year.
STANDARD CLUB COASTAL AND INLAND CLASS (smaller tonnage)
Club advises no general increase for its mutual members but 10% increase in respect of fixed premium basis entered members. For mutual members, any adjustment in the group excess of loss of reinsurance will be absorbed and not reflected to the premiums.
All deductible levels will be reviewed individually. Accounts with adverse records, or unacceptable risk profiles will be subject to individual negotiation.
Our comparison table is as follows: