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

People & Company News

Dometic to Debut New Product Line at Workboat

New products on display will include the Dometic Cup Cooler, the Smart Touch Integrated Intelligence Control system and the Dometic Sea Xchange watermakers; attendees

Insights: Morton S. Bouchard III

Insights: Morton S. Bouchard  III - President and CEO, Bouchard Transportation Co., Inc. When it comes to iconic, East Coast mainstays of the U.S. maritime industry,

Andrews to Lead CWind’s O&M Division

Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services.   Andrews joins CWind from Siemens

Shipbuilding

An Efficient Addition to a Strong Fleet

Cvitanovic towing of Belle Chasse, Louisiana has taken delivery of a fourth vessel for its fleet of highly efficient Lugger-style tugs. Built at the Rodriguez yard in Bayou LaBatre,

Ferus Smit to Launch Newbuild Bulk Carrier

Ferus Smit will launch newbuild general bulk cargo vessel Arklow Brave on Friday, December 12, in Westerbroek.   Arklow Brave is the fifth vessel in a series

Dutch Yards May Need to Rethink Contract Structures

Rotterdam-based law firm AKD said a recent decision of the Dutch courts means that shipyards in The Netherlands may no longer be able to rely on the right to retain

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.3424 sec (3 req/sec)