Circular 8/07 (May 2007) Policy Year Review and Financial Highlights at 20th February 2007
- Date: 30/04/2007
TO THE MEMBERS
POLICY YEAR REVIEW AND FINANCIAL HIGHLIGHTS AT 20th FEBRUARY 2007
Review of Open Policy Years
2004 policy year
Claims on the 2004 policy year are still at a record level but are now stabilising after 36 months of development. This was a heavy claims year both in the Club retention and at Pool level. Although the year is in deficit the Directors decided at their meeting in May 2007 to close the 2004 policy year with no supplementary premium being required.
2005 policy year
Although the 2005 policy year began with a number of large claims in the first quarter the subsequent quarters improved considerably albeit with a brief pick up just before the year end. The claims for this year are expected to come below those for 2004 and 2006. No supplementary premium is estimated for this year.
2006 policy year
Notified claims on the Pool by all clubs in the International Group have already exceeded the previous record level of the 2004 policy year in terms of the position at the twelve month stage. The rapid development of claims on the year makes it particularly difficult to forecast the final claims outcome for the year. Claims within the Club retention are running at similar levels to those of the 2005policy year but below the levels of 2002 and 2004. No supplementary premium is estimated for this year.
Financial Year Highlights
At their May Board meeting the Directors approved the Report and Financial Statements for the year ended 20th February, 2007. A separate Club publication - Financial Highlights 2007 - accompanies this circular giving a detailed summary of the Club's financial results for the year to February 2007.
The Club's full financial statements, together with the Directors' Report and Review of the Year will be published, as usual, in July.
THOMAS MILLER (BERMUDA) LTD.
- Members requiring further information should contact their usual Club contact
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.
The Maritime Labour Convention enters into force in August 2013 - resources, news & advice on implementation can be found in this dedicated section. READ MORE
Essential precautions and preparation against piracy, as well as additional information and resources, loss prevention advisories and useful external web links