2012 Reinsurance rates announced
- Date: 13/01/2012
The International Group reinsurance sub-committee announced today that it had concluded terms for 2012 in respect of the excess of loss reinsurance and the oil pollution surcharge for US voyages.
The Club will formally publish its customary circulars in due course, however, Members may wish to be aware of the proposed rates for the 2012 policy year.
International Group General Excess of Loss Reinsurance Contract Renewal 2012 policy year
The International Group RI rates (per GT) including Hydra premium, Collective Overspill Cover and excess war risk P & I for the year commencing 20 February 2012 are as follows:-
Tonnage Category | 2012 rate per gt | change from 2011 |
|---|---|---|
DIRTY TANKERS | $0.6515 | - 7.43 % |
CLEAN TANKERS | $0.2798 | - 8.41 % |
DRY CARGO VESSELS | $0.3561 | - 3.99 % |
PASSENGER VESSELS | $1.3992 | - 5.33 % |
For chartered tankers, reinsurance costs including $0.0037 per GT for excess war risks will be $0.1768, and for chartered dries $0.0861 (both rates unchanged from 2011).
U.S. Oil Pollution Surcharge 2012
For 2012, the rates have been reduced by 30% to provide the following voyage surcharges for the 2012 policy year:
Non SBT | SBT | |||
|---|---|---|---|---|
(A) | Tankers of more than 1000 gt | $0.0476 | $0.0396 per ton per voyage | |
LOOP/Lightening | $0.0238 | $0.0198 per ton per voyage | ||
(B) | Tankers of 1000 gt or less | either | $48 | $40 per voyage |
or | $960 | $800 per annum | ||
(C) | Parcel tankers carrying less | $143 | $119 per voyage | |
(D) | Parcel tankers carrying | $357 | $297 per voyage |
2012 International Group Pool and Reinsurance arrangements
Industry developments
Click on a section below to see information collated from across the website on topical issues of interest to our Members
Recent guidance & corresponding material in respect of international sanctions against various countries has been updated with respect to Syria. READ MORE
Piracy
Essential precautions and preparation against piracy, as well as additional information and resources, loss prevention advisories and useful external web links
China’s first comprehensive system of marine pollution regulations took effect from 1st March 2010, but many aspects are yet to be developed or advised.
MARPOL Annex VI limits sulphur oxide and nitrogen oxide emissions from ship exhausts. It prohibits deliberate emissions of ozone depleting substances and establishes more stringently controlled special SOx Emission Control Areas (SECAS)