The following circular is the latest issued by the Club for the attention of Members.  Earlier circulars can be found in the annual archives listed in the left hand menu.

Circular 6/16: Iran Trading – increased limit of fall-back cover



  • The International Group has purchased €100 million of “fall-back” cover to respond to any reinsurance recovery shortfalls.
  • “Fall-back” does not provide a long term solution to Members’ needs.
  • The Group continues to engage with the US administration.


Iran Trading – increased limit of fall-back cover

Members are referred to our circulars dated 5/16 and 3/16.

As previously notified, the International Group has bought “fall-back” cover, which is designed to respond to reinsurance recovery shortfalls that would result from the inability of US- domiciled reinsurers on the Group GXL and Hydra reinsurance programmes to make payments due to the continuing application of US primary sanctions, for the 2016/17 policy year.

The Group has now been able to obtain a higher limit of cover (€100million) compared to that which was available initially (€70million) and further secured underwriters’ agreement to a second full reinstatement of cover. All other features of the cover remain unchanged.

The Group remains of the view that because of the limitations of fall-back cover, whilst mitigated to an extent by the increase in limit and the additional reinstatement, it does not provide a long term solution to Members’ needs. The Group therefore continues to engage with the US administration and a further report will be made in due course.

All clubs in the International Group have issued a similar circular.

Yours faithfully,


For more information:
Members with any questions regarding this circular are requested to contact Nigel Carden (



Publication app

All Club publications on your phone or tablet! Find out more...

October Review 2015

Circular 13/15: Review of open policy years and 2016 policy year general increase

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.