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: