Dear All,
NORTH OF ENGLAND
Club advises in their attached circular that a 10% general increase for P&I and 15% for FDD are needed and in order to contend with inflationary pressures on claims, all crew and other people related claims deductibles below US$50,000 will be increased by a minimum of US$2,500. All cargo and other claims deductibles will be increased by a minimum of US$1,000.
On FDD, although the deductible will remain at 25%, with the minimum of US$10,000 per claim, Club has decided to remove the maximum deductible limit of US$150,000 per claim in order to ensure that Members continue to make an equitable contribution to larger claims.
Accounts with adverse records, or unacceptable risk profiles will be subject to individual negotiation.
Any adjustment in the group excess of loss reinsurance programme will be reflected to the member’s agreed premium for the new year.
UK DEFENCE CLUB
Club advises in their attached circular that a 5% rise in premium is necessary. Furthermore, in terms of Continuity Credits, Members that enter their full fleet with the Association will once again receive a 2.5% credit to their 2023/24 premiums.
Our comparison table is as follows:
|
2023 / 24
|
P&I
|
NOTES
|
|
American
|
+10%
|
No general increase but at least a 10% rise in premiums
|
|
Britannia
|
+10%
|
No general increase but at least a 10% rise in premiums
|
|
Gard
|
+5-7%
|
5% discount to apply after agreed renewal
|
|
Japan
|
|
|
|
London P&I
|
0
|
However global inflation and member loss records to be taken into account
|
|
North.O.E.
|
+10%
|
Crew / other people deductibles below $50,000 to be increased by $2,500. Cargo and all other claims deductible to increase by minimum $1,000
|
|
Shipowners
|
0
|
However +10% for yachts and certain increases for dry cargo vessels based on records.
Deductibles below $50,000 to increase by 10% and $500 minimum.
|
|
Skuld
|
+10%
|
No general increase but at least a 10% rise in premiums
|
|
Standard Club
|
+10%
|
Deductibles to increase by 10% and with minimum cargo and crew by $2,000
|
|
Standard Club Coastal and Inland Class
|
0 / +10%
|
Nil for mutual members and 10% increase for fixed premium basis entries. Deductibles to be subject to review.
|
|
Steamship
|
+ 7.5 %
|
10% increase in deductibles below $50,000
|
|
Swedish
|
|
|
|
U.K.
|
+10%
|
No change to deductibles
|
|
West.O.E.
|
+10+
|
Deductibles to increase by 10% with a minimum increase of $2,500
|
| |
|
|
| |
|
|
| |
|
|
|
2023 / 24
|
FDD
|
NOTES
|
|
American
|
+10%
|
No general increase but at least a 10% rise in premiums
|
|
Britannia
|
+10%
|
No general increase but at least a 10% rise in premiums
|
|
Gard
|
+5-7%
|
|
|
Japan
|
|
|
|
London P&I
|
0
|
However global inflation and member loss records to be taken into account
|
|
North.O.E.
|
+15%
|
Deductibles as expiry but maximum deductible level of $150,000 no longer applicable
|
|
Shipowners'
|
0
|
Please refer to explanations as to yachts and dry cargo vessels based on records.
Deductibles below $50,000 to increase by 10% and $500 minimum.
|
|
Skuld
|
+10%
|
No general increase but at least a 10% rise in premiums
|
|
Standard Club
|
+10%
|
No change to deductibles
|
|
Standard Club Coastal and Inland Class
|
0 / +10%
|
Nil for mutual members and 10% increase for fixed premium basis entries. Deductibles to be subject to review.
|
|
Steamship
|
+7.5%
|
No change to deductibles.
|
|
Swedish
|
|
|
|
U.K Defence
|
+5%
|
A 2.5% credit return applies for those members whose entire fleets are entered.
|
|
West.O.E.
|
+15%
|
No change to deductibles.
|
