North of England Directors Decide on General Increases

Tuesday, November 21, 2006
Shipowner directors of the 65 million GT North of England P&I club have decided on general premium increases for the 2007/8 policy year of 2.5 percent for freight demurrage and defense (FD&D) cover and 7.5 percent for protecting and indemnity (P&I) cover. P&I deductibles will also rise by $250. The increases – which are broadly in line with industry averages and the same as those set for 2006/7 – are deemed necessary to maintain the ‘A’ rated club’s financial position in a continuing adverse claims environment with an uncertain investment outlook. They will take effect at renewal on 20 February 2007.

Deputy managing director Paul Jennings points out there has been a large deterioration in International Group pool claims in 2006/7. 'A concern for all clubs is the increasing number and level of pool claims, which is a significant component of our future budgeting requirements. Claims reported to the pool in the first six months of 2006/7 reached a record level compared with half-year figures in 2005/6 and 2004/5,' says Jennings. Deputy managing director Alan Wilson reports that North of England’s conservatively structured investment portfolio, with 36% in equities and the remainder in bonds and cash, continues to perform above the benchmark index but – though returns to date have been satisfactory – the outlook remains uncertain. North of England currently insures some 330 member groups from around the world, with a total P&I entry of 3000 vessels of 65 million GT (52 million GT owned and 13 million GT chartered).

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay

Teknotherm Marine Moves HVAC Arm to Bergen

Maritime heating, ventilation and air conditioning (HVAC) firm Teknotherm Marine has established a new subsidiary is established with the name Teknotherm Marine HVAC AS.

Shipbuilding

Nordana Sea Delivered to Symphony Shipping

After successful sea trials, M.V. Nordana Sea was delivered to Symphony Shipping on February 11, 2016. Constructed by builder Ferus-Smit in the Netherlands (yard number 419),

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0872 sec (11 req/sec)