2013 Reinsurance rates announced


  • Date: 11/01/2013

The International Group reinsurance sub-committee announced today that it had concluded terms for 2013 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 2013 policy year.

International Group General Excess of Loss Reinsurance Contract Renewal 2013 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 2013 are as follows:-

General Excess of Loss Reinsurance Rates 2012
Tonnage Category2013 rate per gtchange from 2012
DIRTY TANKERS $0.7565+16.12%
CLEAN TANKERS$0.3245+15.98%
DRY CARGO VESSELS $0.4942+38.78%

PASSENGER VESSELS

$3.1493+125.08%

For chartered tankers, reinsurance costs including $0.0037 per GT for excess war risks (unchanged from 2012) will be $0.2396 (35.52% increase on 2012), and for chartered dries $0.1167 (35.54% increase on 2012)


U.S. Oil Pollution Surcharge 2013

For 2013, the rates have been reduced by 15% to provide the following voyage surcharges for the 2013 policy year:

2013 Oil Pollution surcharge on US voyages
Non SBTSBT
(A) Tankers of more than 1000 gt$0.0405$0.0337 per ton per voyage
LOOP/Lightening$0.0202$0.0169 per ton per voyage
(B)Tankers of 1000 gt or lesseither$41$34 per voyage
or$820$680 per annum
(C)Parcel tankers carrying less
than 5,000 metric tons of persistent
oil as cargo
$122$101 per voyage
(D)Parcel tankers carrying
5,000 – 9,999 metric tons of
persistent oil as cargo
$304 $253 per voyage

Industry developments

Polar Shipping

Legal, navigational and environmental resources, news and updates on the development of polar shipping. Read more


US VRP Compliance

With effect from 30th January 2014 non-tank as well as tankships calling at US ports will be required to submit VRPs.  For Club and other resources to assist in compliance click here


International Environmental compliance

Environmental Compliance resource page collates material in respect of International environmental compliance issues affecting our Members. Information from the Club, Loss Prevention and external resources has been collated in one place for ease of reference.


MLC 2006

The Maritime Labour Convention enters into force in August 2013 - resources, news & advice on implementation can be found in this dedicated section.  READ MORE


International sanctions

Recent guidance & corresponding material in respect of international sanctions against various countries has been updated with respect to temporary easing of sanctions against Iran.  READ MORE


Piracy

Essential precautions and preparation against piracy, as well as additional information and resources, loss prevention advisories and useful external web links


Emergency Contacts


If you need to call our offices out of hours and at weekends, click After Office hours for a up to date list of the names of the Duty Executives and their mobile phone numbers. 

Ship Finder


This Ship Finder is updated on a daily basis. Members who need to advise the Club of updates to their recorded ships' details should advise their usual underwriting contact.