Circular 5/09 (April 2009) Policy Year Review - Review of Open Policy Years

  • Date: 29/04/2009


  • 2006 policy year closed with no further supplementary premium
  • No further supplementary premium estimated for the 2007 policy year
  • Estimated supplementary premium for 2008 maintained at 20 per cent
  • Increased free reserves and capital (including hybrid capital) of US$334 million


Dear Sirs

Review of Open Policy Years

2006 Policy Year
At their meeting in April 2009 the Directors decided to close the 2006 policy year with no further supplementary premium. In October 2008 when the Directors decided to set a supplementary premium of 20 per cent in order to minimise the deficit on the 2006 policy year, the deficit then stood at US$61 million. Following the supplementary call and based on the latest claims projections, the anticipated deficit on the year has reduced to US$12.6 million.

2007 and 2008 Policy Years
No further supplementary premium is estimated for 2007 and the estimated supplementary premium for 2008 is maintained at 20 per cent.

Financial Year Highlights
The Directors, at their meeting, approved the Report and Financial Statements for the year ended 20th February 2009. This will be published as usual over coming months, but in the meantime a detailed summary of the Club’s financial results is contained in the separate publication “Review of the Year” accompanying this circular.

Yours faithfully


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


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.