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To enable certain UK P&I Club Members to meet their local European regulatory requirements, a new London-based mutual association, will be underwriting P&I risks from 20th February 2007.
The United Kingdom Steam Ship Assurance Association (Europe) Limited will operate as a subsidiary of the Bermuda-based UK P&I Club. UK (Europe) will allow the UK Club to continue to insure Members whose ships fly the flags of certain states, such as Spain and Italy, where local insurance regulations require the insurer to possess an EEA regulatory "passport".
The UK Club created this new subsidiary by reinstating the underwriting licence of the Sunderland P&I Club which it took over on 20th February 1991. The UK Financial Services Authority has approved the new arrangement as providing the necessary rights to trade into relevant European countries in the 2007 policy year.
The UK P&I Club and UK (Europe) will be run on a unified basis. The rules and cover will be identical for both associations for all Members. The same Thomas Miller staff will manage both clubs using the same established systems, procedures and policies.
Charles Fenton, Chief Operating Officer of Thomas Miller P&I Ltd, explained: "All assureds will become full Members of the main UK P&I Club in Bermuda, regardless of whether they are routed via UK (Europe) or directly to Bermuda. The only material difference will be whether their policy is issued by Europe or Bermuda.
"As Members of the UK P&I Club their rights will be identical to those of other Members. The general increase levied will be the same for all Members. They will have the same rights to share in a distribution of funds and the same obligations to contribute to a call for further funds."
For further information:
Nick Whitear
Thomas Miller P&I Ltd
Tel: +44 (0) 20 7283 4646
e-mail: nick.whitear@thomasmiller.com
Issued by:
Martin Rowland
Dunelm Public Relations Ltd
Tel: +44 (0) 20 7480 0600
Fax: +44 (0) 20 6480 0606
e-mail: info@dunelmpr.co.uk
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