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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TESSCO Installs Chesapeake Bay Police Boat Video System

Leading networking company, TESSCO Technologies Incorporated, informs it has worked closely with the Maryland Department of Natural Resources (DNR) to successfully implement,

Livingston Appoint Candace Sider V-P Regulatory, Canada

Customs brokerage and trade compliance advisors, Livingston, say that to better reflect the company’s integral role in regulatory affairs for its clients, Livingston

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Shipbuilding

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

ClassNK Issues New Rules for Inland Waterway Ships

Leading classification society ClassNK has released new technical rules and guidance for the survey and construction of inland waterway ships. As a result

Steel Cut for Third RCI Quantum-class Cruise Ship

The steel cutting for 'Ovation of the Seas', scheduled to be delivered in the autumn of 2016, took place at the Meyer Werft shipyard in Papenburg, Germany, where 'Quantum of the Seas',

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators
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: 0.1736 sec (6 req/sec)