The Resolution for consideration at the SGM on 20th January 2012 (ref Circular 17/11) was passed.
OUTLINECalifornian Code of Regulations relating to financial security now requires owners to submit their Certificate of Entry (CoE) to apply for a COFR within three working days of entering local...
OUTLINEA Special General Meeting will be held on the 20th January 2012 in BermudaThe purpose of the SGM is to consider amending the Club's RulesThe papers for this meeting are...
OutlineEuropean Union (EU) states are required to bring into the necessary laws into force to comply with the EU Insurance Directive before 1 January 2012.A significant number of EU states have indicated...
The International Group understands that the 1 January 2012 deadline to contract with an approved spill response contractor will still be enforcedA partial list of approved ‘ship pollution response organisations’ (SPROs) is available – see Annex I of this circularAn International Group recommended contract for SPROs including supplemental clauses is attached in Annex IIA recommended authorisation letter for appointing agents in China to sign the contract with SPROs on a Member’s behalf is also attached – see Annex IIIAn SPRO appropriate to ship type and size must be contracted. A guide to levels of SPRO is attached in Annex IVCharges proposed by SPROs vary widely and may be excessive compared to responders in other jurisdictions
The issue of lists of all approved contractors by China's MSA is postponedThe requirement to contract with an approved clean up contractor will still be enforced in all Chinese ports from 1 January 2012The Club's Legal Briefing “Chinese marine pollution laws” of July 2010 provides an overview of this legislationThis circular refers to previous circulars 7/11, 26/10, 14/10, 15/09 & 12/09.
OUTLINEReport of the AGM proceedings and resolutions adoptedTO THE MEMBERS Dear Sirs ANNUAL GENERAL MEETING REPORT At the Annual General Meeting held on 17th...
OUTLINEGeneral increase for the 2012 policy year is 3 per centAny increase or decrease in the cost of the International Group reinsurance will be passed on to themutual Members.The...
This circular provides details of the AGM of the Club in Athens on 17th October 2011 and thearrangements for voting by proxy.
Under new US Coast Guard requirements, tank vessel response plans must cite an oil spill response organisation (OSRO) with capability for applying dispersants by air. MSRC has amended its service agreement for tank vessels by addition of a 'dispersant addendum' which contains indemnities that do not conform to the International Group's US VRP guidelines. Details of additional market cover are available from the Managers. No such addendum has been introduced by NRC at this time. There is no similar requirement for non tank vessels and most VRPs for non tank vessels are therefore unlikely to refer to dispersant capability in their citation of MSRC, in which case no action is required. Members should, however, confirm this by directly checking their VRPs or consulting their plan writers.
The Inter-Club Agreement is a means of apportioning cargo liability claims between owners and charterers. The Agreement will shortly incorporate a provision creating entitlement to security on the basis of reciprocity rather than requiring a cargo claim to have been paid. This revision will enhance co-operation between contracting owners and charterers and reduce time and costs incurred in cargo claim disputes. The amended Agreement takes effect from 1st September 2011. The Club recommends its incorporation into all NYPE and Asbatime charterparties going forward
The lists of all approved contractors will now be issued in October 2011.The International Group is considering the development of a standard form authorisation letter for overseas operatorsThe Club recommends Members do not enter into arrangements with a clean-up contractor until the "approved" list is made availableThis circular refers to previous circulars 7/11, 26/10, 14/10, 15/09 & 12/09. Legal briefing “Chinese marine pollution laws” of July 2010 provides an overview of this legislation
The outstanding detailed rules relating to China’s recent marine pollution legislation have now been issued. The Club recommends Members do not enter into arrangements with a clean-up contractor until the "approved" list is made available. A model mandatory contract is attached to this circular by annex. This circular refers to previous circulars 26/10, 14/10, 15/09 & 12/09. Legal briefing “Chinese marine pollution laws” of July 2010 provides an overview of this legislation
2008 policy year closed with no further supplementary premiumFree reserves and capital of over $4.50 per gross tonInvestment return of $69 millionFree reserves and capital increased to US$478 millionTotal assets of $1.6 billionCombined ratio of 98 per cent
Some charterers are seeking to introduce a clause that is potentially prejudicial to owners P&I cover. It seeks to impose responsibility upon an owner for all P&I liabilities even where the charterer is wholly at fault and bars any recourse claims against those charterers. Members are advised to refuse such clauses or face a significant uninsured liability
Dear Sirs, US Vessel Response Plans - Salvage and Marine Firefighting Requirements - Final Rule - 31 December 2008 - Deadline for implementation - 22 February 2011 - further...
Club retention maintained at US$8 million for 2011. Pooling retention increased to US$60 million for 2011. Oil pollution claims remain subject to a special limit under Rule 5B(ii) of US$1,000 million for owned ships. War risks P&I and US voyage surcharge premiums reported separately in Club circulars 1/11 and 2/11. Charterers P&I cover limited to sums recoverable from reinsurers for claims in excess of US$100 million.
Limit on Special War Risks P&I cover for 2011 policy year remains US$500 million. “Bio-Chem” exclusion remains and a supplementary cover for "Bio-Chem" risks in respect of crew & legalcosts limited at US$30 million continues to be available. A portion of these covers is provided in accordance with the requirements of the US Terrorism Risk InsuranceAct of 2002 (Act), as amended by the Terrorism Risk Insurance Program Reauthorization Act (TRIRA) of 2007.
The additional premium system for tankers carrying persistent oil to or from the United States will continue for the 2011 policy year. Rates have been reduced by 12.5 per cent.