North P&I Club Phase in Members' 2014 Rate Increase

MarineLink.com
Thursday, October 24, 2013

North P&I Club has decided on a 7.5% general premium increase for protection and indemnity (P&I) cover next year and will continue with a moderated payment plan similar to last year.

The increase reflects the board’s commitment to maintaining the financial strength and stability of the ‘A’ rated club in the face of continuing uncertain investment markets and rising claims.

According to North’s chairman Pratap Shirke of ship management group ASP, "North is financially secure and has a strong capital position evidenced by its ‘A’ stable rating from Standard & Poor’s. Our strong underwriting performance also means members have not been burdened by unbudgeted supplementary calls for more than 20 years. However, the club has not been immune to the impact of volatile investment markets, premium dilution associated with fleet renewal programmes and a deteriorating claims environment, which has seen an escalation in the number and cost of claims, particularly over US$1 million."
 
For the P&I class the directors have decided to apply a 7.5% general increase to all members’ premiums at the February 2014 renewal. Rates will also be adjusted to incorporate any changes in the cost and structure of the International Group of P&I Clubs excess loss reinsurance programme. All deductibles below US$25,000 will be increased by US$1,000 and the deductible for external fees, costs and expenses will increase from 10% to 25%, with a minimum of US$1,000 and a maximum of US$10,000.

UK-based North is a leading marine mutual liability insurer providing P&I, FD&D, war risks and ancillary insurance to 130 million GT of owned tonnage and 40 million GT of chartered tonnage, with 3500 ships entered by 330 members worldwide
 

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

People & Company News

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Insurance

YoungShip Young Corporation Award 2014

For its efforts to promote young employee development, marine insurer GARD has been awarded the 2014 YoungShip Young Corporation Award. The shipping industry

Coast Guard: Investigations Underway in Cutter Collision

The Coast Guard is conducting a series of formal investigations after Tuesday’s collision involving a Coast Guard cutter and a fishing vessel off the coast of Puerto Rico.

P&I Clubs

Coast Guard: Investigations Underway in Cutter Collision

The Coast Guard is conducting a series of formal investigations after Tuesday’s collision involving a Coast Guard cutter and a fishing vessel off the coast of Puerto Rico.

The Great Lakes Ballast Water Challenge Explained

Skuld P&I Club in a members advisory explores the regulatory framework and practical issues that exist in both Canada and the USA with input from BLG of Montreal and Chalos & Co of New York.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Sonar
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: 0.1669 sec (6 req/sec)