This circular supplements Circular 6/14 issued on 16th July 2014 on amendments to Regulation 692/2014 concerning restrictions on the import into the Union of goods originating in Crimea or Sevastopol
The six-month temporary relief of EU and US sanctions measures relating to transportation and insurance of petrochemical cargoes from Iran and Iranian crude to NDAA waiver countries has been extended until 24th November 2014
Circular 6/14: European Union Sanctions in respect of Crimea and Sevastopol - COUNCIL REGULATION (EU) No 692/2014 of 23rd June 2014 concerning restrictions on the import into the Union of goods originating in Crimea or Sevastopol (“the Regulation”)
2011 policy year closedOpen years developing in line with expectationsSurplus of $30 million for the financial year 20th February 2014Free reserves and Hybrid Capital increased to $528...
Circular 4/14: Entry into force of the protocol of 2002 to the Athens Convention relating to the carriage of passengers and their luggage by sea
Circular 3/14: Amended BIMCO GUARDCON contract for the employment of security guards on vessels off West Africa
Limit on Special War Risks P&I cover for 2014 policy year remains US$500 million.
Individual Club retention to remain at $9 million; The Group Pool retention increased to $80 million; Hydra’s coinsurance share of the first layer to remain at 30 per cent; Group Pool to remain in three layers but adjusted for the increased Pool retention; 5 per cent of the market reinsurance placed in two layers excess of $100 million to $1.1 billion on a three year fixed basis; US Voyage surcharge reduced to nil; Reinsurance rates per gross ton increased for all ship categories