London Club Confirms General Increase

Thursday, November 14, 2002
The London Club has announced a general increase of 25 percent in its advance call for the 2003/04 policy year. Meanwhile, the Club has also confirmed that supplementary calls for all open underwriting years remain unchanged. Paul Hinton, Chief Executive of the Club's managers, A Bilbrough & Co, says, "The almost unprecedented failure in the last three years of the investment markets to produce budgeted returns means that a substantial upward correction of premium levels has been required. Considerable progress has already been made but, in the context of continuing investment market uncertainty, more needs to be done. "Any increase in the cost of the Club's share of the International Group's excess loss reinsurance program, which has not yet been determined, will also apply. Advance and supplementary calls will continue to be levied in installments on the same basis as applies in the current year." While acknowledging that the decision to raise premiums would be unwelcome news for members, Hinton said the Club Committee was nevertheless firmly of the view that it was in both the Club's and the members' best interests to ensure that the Club's financial position remained sound.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Tanker Trends

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0997 sec (10 req/sec)