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.