Venezuelan Sanctions – Designations against PdVSA
At their meeting on 28th January 2019, the Directors reviewed the basis on which special war risks P&I cover could be made available to Members in accordance with the proviso to Rule 5E, and determined that this cover should be made available to Members for the 2019 policy year in accordance with the terms of the attached Directors’ Resolution of 28th January 2019.
Group reinsurance rates reduced for all vessel categories
A Special General Meeting of ‘UK(E)’ – The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited – will be held on 17th January 2019 in London.
OUTLINE Members are reminded of Circular 4/18 which outlines the effects of the US withdrawal from JCPOA If Members conduct Iranian trade, they are advised to do so with great caution,...
This circular provides details of the AGM of the Association which will take place in Tokyo at 9am on 29th October 2018 and the arrangements for voting by proxy
OUTLINE:The Club recommends Members exercise caution before entering into contracts that require a continuing warranty of seaworthiness since such a warranty could prejudice their P&I...
OUTLINE:The International Group has amended the recommended Charterparty clause incorporating to Inter-Club Agreement issued in 2016All member Clubs of the International Group have issued a...
The Insurance Distribution Directive apply in the EU/EEA from 1st October 2018.
The Club has completed the redemption of its $100 million hybrid bond.
This circular provides general guidance to Members on the EU General Data Protection Regulation as relevant to the UK Club and its Members
Members are referred to the Association’s Circular 13/17: Honduras –Oil Spill Response – new requirements, published on 20 December 2017 advising of new oil spill response requirements in Honduras which would apply to both tank and non-tank vessels.
This circular provides general guidance to Members on the EU General Data Protection Regulation as relevant to the UK Club and its Members
As Members will be aware from the Club’s Circulars 13/16 July 2016 and 16/16 October 2016 concerning the implementation of financial certification requirements in accordance with the amendments to the Maritime Labour Convention 2006 (“MLC”), the Boards of all International Group Clubs agreed that Clubs would provide the necessary certification.
Limit on Special War Risks P&I cover for 2018 policy year remains US$500 million. Bio-Chem” exclusion remains, and a supplementary cover for “Bio-Chem” risks in respect of crew and legal costs 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 Insurance Act of 2002 (Act), as amended by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2015
OUTLINE:From 1 January 2018, all required OSRO coverage in Hawaii will now be provided directly by MSRC or NRC. Including AMPD coverage for tank vessels conducting transfer operations at the...
A Special General Meeting of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (UKB) will be held on 18th January 2018 in Bermuda.
Brexit: The UK P&I Club to set up a subsidiary in the Netherlands
Circular 8/17: Report of the AGM proceedings and resolutions adopted / New Directors elected to the Members’ Committee.
This circular provides details of the AGM of the Association which will take place in Singapore at 9am on 30th October 2017 and the arrangements for voting by proxy.
Members are informed that BIMCO and ISCO (the International Spill Control Organisation), have launched two standard contracts, RESPONSECON and US RESPONSECON, for the hire of specialised spill response services and equipment.
STOPIA and TOPIA have had their 10 years’ period review with participation of ship and oil cargo interests.
At their meeting on 30th January 2017, the Directors reviewed the basis on which special war risks P&I cover could be made available to Members in accordance with the proviso to Rule 5E, and determined that this cover should be made available to Members for the 2017 policy year in accordance with the terms of the attached Directors’ Resolution of 30th January 2017.
China has ratified the Nairobi International Convention on the Removal of Wrecks 2007 and the Convention will enter into force in China from 11 February 2017. The Chinese MSA published a notice on the application procedure for WRC Certificates.
Proposed amendments to rules and Directors' remuneration. Please attached papers for a Special General Meeting to be held on 19th January 2017 in Bermuda.
The International Group today announced that it had concluded terms for 2017 in respect of the excess of loss reinsurance.
For the 2017 policy year, the Club retention will remain $10 million. The Group Pooling retention will remain unchanged at $80 million and continues to be insured by the Group captive, Hydra, and pre-funded by a premium contribution from each club. This premium is included in the reinsurance rates.
Mutual Premium Discount of 3 per cent on the total mutual premium for the 2015 policy year. Standard deductible will be $12,000 per event for the 2017 policy year. Any change in the cost of the International Group reinsurance will be passed on to the mutual Members. An explanation of the financial background to the Board’s decisions can be found in the “Autumn Review 2016” which accompanies this Circular.
Circular 18/16 is a Report of the AGM proceedings and resolutions adopted. New Directors elected to the Board and Proposed changes to the Club’s governance structure was approved by the Members.
This circular provides details of the AGM of the Association, which will take place in Zurich at 9am on 19th November 2016 and the arrangements for voting by proxy.
This circular sets out details of the arrangements that will be made by the Club to assist owners to comply with the MLC financial security requirements applicable from January 2017A detailed FAQ accompanies this circularThis circular relates to Circular 13/16, Circular 10/13 and Circular 8/13
The Resolution for consideration at the SGM on 15th January 2015 (ref Circular 15/14) was passed.
OUTLINE: The International Group is seeking clarification on the extent to which Club cover can respond to liabilities arising during the six month suspension period; Some liabilities may only crystallise or be presented after the six month suspension period has ended (20th July 2014); The Club may be unable to provide security for a claim in circumstances in which a demand under a club letter of undertaking be made after 20th July 2014; The Club may be unable to provide Blue Cards to Members who contract to carry Iranian crude oil, petroleum and petrochemical products after 20th July 2014; Members are strongly urged to consult the Club regarding insurance cover before contracting to transport Iranian crude oil, petroleum and petrochemical products
The ‘US Oil Pollution Clause’ is deleted reflecting the reduction of US voyage additional premiums to nil. This circular refers to previous circulars 8/12 and 4/13
OUTLINE: Washington State Maritime Co-operative (WSMC) has revised its enrolment agreement. It now complies with International Group (IG) guidelines; National Response Corporation (NRC) also provides Washington State approved and IG compliant contingency plans; Specimen documents for both organisations are attached to this circular; This circular refers to Circular 17/13 Washington State – Contingency Plan requirements
The Alternative Planning Criteria (APC) for non-tank vessels visiting Western Alaska are now published at http://www.ak-mprn.org/ ; Alaska Chadux’s federal VRP subscription programme will expire on 30 January 2014 and not 30 December 2013 as previously stated; The 30 January 2014 for VRP compliance will not be extended by US Coast Guard (USCG); USCG may issue, at their discretion, a six month Interim Operating Authorization (IOA) where vessel operators have submitted sufficient initial compliance information; This circular refers to Circulars 12/13, 14/13, 18/13 and 19/13 advising Members that non-tank vessel owners are required to submit VRPs to USCG by 30 January 2014
Second issuance of Vessel General Permit (VGP) is effective from 19th December 2013 and will supersede the first iteration of VGP. Vessels must file an Notice of Intent (NOI), by the 12th December 2013 or 7 days prior to discharge to continue uninterrupted coverage. Notice of Intent must be submitted using EPA’s Electronic NOI system. NOI submission deadlines and discharge authorization can be found in Annex II of this circular. Club advice on VGP requirements was posted on our website on 19th November
OUTLINE: This circular refers to Circular 18/13 United States Vessel Response Plans. Copies of the appropriate MSRC and NRC contracts are attached as PDFs to the website version of this circular. US Coast Guard has issued a set of FAQs on Non Tank Vessel Response Plans (NTVRP).
The Group clubs have terminated their retainer agreements with MSRC and NRC. Non-tank vessel operators should contract directly with MSRC or NRC in future. Both MSRC and NRC provide spill response contracts that conform with Group guidelines. MSRC have withdrawn their dispersant addendum to spill response contracts making purchase of extended cover unnecessary. NRC offer a fee-paying option to opt out of their addendum and avoid exposure to additional liabilities.
OUTLINE: This circular concerns ships trading to Washington State waters. All ships over 300 gross tons, and all tank ships, are required to file a Washington State oil spill contingency plan before entering Washington State waters. Washington State Maritime Co-operative’s (WSMC) ‘umbrella’ contingency plan still does not comply with International Group guidelines. National Response Corporation’s (NRC) ‘umbrella’ plan has now been approved by Washington State with effect from 1st November 2013. The NRC contingency plan is compliant with the International Group guidelines. The further Washington State requirement for enrolment for Emergency Response Towing Vessel (ERTV) services is still in place. All clubs in the International Group have issued similar circulars
OUTLINEGeneral Increase for the 2014 policy year is 10 per centThe standard deductible will increase to $8,500Any increase in the cost of the International Group reinsurance will be passed on to...
OUTLINEReport of the AGM proceedings and resolutions adoptedSix new Directors elected to the BoardMr Alan Olivier elected as Chairman and President of the BoardTO THE...
Owners of non-tank vessels with oil-carrying capacity of 2,500 barrels or greater must enter into funding agreements with marine salvors and fire-fighting resource providers.Owners of non-tank vessels with...
Owners of non-tank vessels calling at US ports will be required to submit their Vessel Response Plan (VRP) by 30th January 2014. This new requirement is being reviewed by the International Group and a more detailed circular will be issued in due course.
New terms were agreed for the Club’s hybrid capital bond on 7 June 2013. The new terms were concluded through a process of ‘consent solicitation’. Full details of the background information on the consent solicitation process were published on the Club’s website
Group clubs have agreed to extend standard P&I cover to include repatriation in cases of insolvency and other circumstances listed in the MLC
OUTLINE: The International Group has agreed to cover liabilities arising in respect of the carriage of cargo under two electronic trading systems - Bolero (www.bolero.net) and ESS (www.essdocs.com). An updated version of the ESS trading system - DSUA 2013.1 - has now been approved. Traditional exclusions of cover under Club Rules continue to apply in the same manner as with paper systems. Particpation in electronic trading systems may expose Members to non-P&I liabilities for which other insurances are required. This circular refers to Circular 16/10 - Electronic (Paperless) Trading Systems - Bolero International Limited and Electronic Shipping Solutions.
OUTLINE: The Group has revised its recommended pollution indemnity clause for charterparties. The revised clause has two amendments in respect of legal & defence costs and indemnity in the event of contributory fault. The clause was originally prompted by recent Australian legislation ( See our “Legal Briefing – Australiatoughens maritime pollution laws – December 2011” ). A copy of the revised clause and explanatory notes are attached. This circular supersedes Circular 14/12 “Australian Pollution Law – Oil Pollution Indemnity clause for penalties and fines”.
The London Branch restructure takes effect from 20 February 2013. Members affected by the restructure should note the revised contact address for all claims correspondence set out below. Members located in EEA may have a right to cancel their policy under local laws. This circular relates to the ‘Notice to Policyholders – UK Transfer’ of 3rd September 2012.
The Club’s latest Circular 21/12 announces a Special General Meeting to be held on 22nd January 2013 in Bermuda. The circular includes the meeting papers and a proxy form that which enables Members to cast their vote on the three resolutions proposed at that meeting.
OUTLINE: This circular refers to the earlier Circular 17/12 “Regulations of the People's Republic of China on the Prevention and Control of Marine Pollution from Ships”; A revised set of FAQs is attached to this circular taking account of the revised Detailed Rules although the further MSA Notice anticipated in circular 17/12 has not yet been published; If a new MSA Notice requires amendments of these attached FAQs a new set of FAQs will be issued in a future circular; The IG spill response contract issued with circular 17/12 has been revised further and is also attached to his circular.
PLR takes effect from 31 December 2012. It applies to all ships carrying more than 12 passengers and either registered in or trading to an EU/EEA Member State. Certification of insurance for liabilities up to SDR 250,000 per passenger under the Athens Convention will be required by the PLR. The Club will be issuing non-war Blue Cards to facilitate owners’ application for State certificates in advance of 31 December 2012. Group clubs do not provide primary war risks cover. Arrangements for alternative means of compliance with the PLR requirement for a war risks Blue Card are currently under discussion within the International Group. Further developments should be announced shortly.
This Circular amends Circular ref. 1/12 regarding application of 50 per cent rebate of the US tanker voyage additional premium. The 50 per cent reduction on premium rates for voyages involving loading or lightering of persistent oil cargo in the US will not be restricted to LOOP and the four designated areas described in Circular ref 1/12. The reduction will continue to be applied to other lightering areas approved by the US Coast Guard on the same basis as prior to Circular 1/12
Members must notify the Club at the earliest opportunity if they intend to load nickel ore from Indonesian or Philippine ports, and may prejudice cover if they fail to do so; This circular details the information that needs to be advised to the Club; This information is being compiled to identify those areas, ports & shippers that present particular difficulties, e.g. inaccurate cargo declarations; It remains the Members responsibility to ensure full compliance with the IMSBC Code; Mandatory notification applies only to cargoes of Nickel Ore to be loaded in Indonesia and the Philippines, and not to any other bulk cargoes
OUTLINE:Members who can trade lawfully with sanctioned countries are reminded that financial sanctions may restrict the Club’s ability to protect them in the event of a P&I incident.Members are recommended to review Rule 5V (Sanctions risks) reproduced below.In addition to following Club advisories on its website, Members should take their own measures to establish whether intended voyages are lawful and insurable.
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...
This book contains the Club’s 2011 Rules and Bye-Laws, full contact details for the managers worldwide and the latest contact details for the Club’s correspondents. The information is available in a single pdf and also in...
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.
OUTLINERecent casualties have highlighted the dangerous loss of ship stability caused by cargo liquefactionNickel cargoes exported from Indonesia and the Philippines have been identified as prone to...
As members may be aware in October and November 2010 three vessels the ‘Jian Fu Star’, ‘Nasco Diamond’ and ‘Hong Wei’ sank during the carriage of nickel ore from Indonesia to China with the loss of forty four seafarers
The Club's recommended pollution clause for tanker charterparties relating to COFRs has been amended. The updates address uncertainties regarding the scope of charterers indemnity under the original clause. The new clause text is provided in the Annexe to this circular
The Resolutions for consideration at the SGM on 20th January 2011 (ref Circular 25/10) were passed.
TO THE MEMBERS Dear Sirs REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON THE PREVENTION AND CONTROL OF MARINE POLLUTION FROM SHIPS We refer Members to previous circulars on the new Regulations of the People’s...
OUTLINEA Special General Meeting will be held on the 20th January 2011 in BermudaThe purpose of the SGM is to consider amending the Club's Rules and confirming the change of...
OUTLINEThis circular updates members on measures taken by the International Group, and by IMO, to promote standard procedures for the issuance of "Blue Cards".In common with all IG Clubs, the...
European Commission Investigation of the International Group of P&I Clubs
OUTLINENew legislation to regulate the investigation and potential prosecution of shipowners and crew in connection with illegal narcotics on board vessels has entered into force in VenezuelaThe Organic Drugs Law (ODL) repealed earlier laws and appears to increase the burden and potential penalties imposed on shipowners and their crewsMembers' attention is drawn to certain risks associated with trading their vessels to Venezuela
OUTLINEUnder the CLC only a registered owner of a ship is required to obtain a Blue Card evidencing insurance satisfying the requirements of the Convention.Clubs in the International Group will no longer issue Blue Cards to bareboat charterers.
Report of the AGM proceedings and resolutions adopted.
A detailed explanation of financial and claims performance at the mid-year point is provided by the Club in its October Review 2010. Free reserves and capital at $419 million, improving overall claims position particularly on 2009 and also 2008, 2009 policy year combined ratio of 102 per cent and S&P rating A- (Outlook: Stable)
General increase for the 2011 policy year set at 5 per cent plus any increase in the cost of the International Group reinsurance premium for 2011 for the mutual Members. The standard deductible will remain at $5,000 for the 2011 policy year. Detailed explanation of the financial background to the Board’s decisions can be found in the "October Review 2010" which accompanies this circular
US Coast Guard published its circular NVIC No 2-10 providing guidance on implementation and enforcement of VRP Final Rule requirements. A correction and further update to Annex 4 of Club Circular 12/10 is provided below. An amendment has been made to the previously circulated Donjon Smit contract. This circular refers to Club Circular 12/10 and a similar circular is to be issued by all Group clubs.
Limit on Special War Risks P&I cover for 2009 policy year remains US$500 million. “Bio-Chem” exclusion remains and a supplementary cover for "Bio-Chem" risks in respect of crew & legal costs 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 Insurance Act of 2002 (Act), as amended by the Terrorism Risk Insurance Program Reauthorization Act (TRIRA) of 2007.
The International Group of P&I Clubs (IG) and BIMCO have drafted a revised Himalaya clause for use in bills of lading and other contracts A copy of the revised clause is attached to this circular. The clause intends to exempt a contractual carrier’s or other contracting party’s servants, agents or subcontractor’s from liability under a contract or extend to them the same protection from liability enjoyed by the carrier. Care should be taken to ensure the clause achieves its purpose when incorporated into different types of contract e.g. properly defining the terms ‘Carrier’ and ‘Merchant’ when used in bills of lading or other contracts of carriage. Depending on the jurisdiction in which liability may arise, the protection of the clause cannot always be guaranteed.
A substasive history of the Bolero project and the International Group's cover of liabilities arising in respect of the carriage of cargo Bolero and ESS
The compulsory insurance provisions of the amended Filipino Migrant Workers Act should come into force before the end of October 2010. P&I cover does not extend to all of the compulsory insurance provisions of the Act, nor cover seafarers directly. Manning & recruitment agencies need to evidence compliance with these compulsory insurance provision before POEA issues an overseas employment certificate. This circular refers to previous circular 9/10 (June 2010).
OUTLINEThese precautions arise from the recent decision in the “Bremen Max” case (LLR 2009 Vol. 1 81)This circular relates to <a...
This circular provides details of the AGM of the Club in Bermuda on 26th October 2009 and the arrangements for voting by proxy.
The International Group have agreed to cover liabilities arising in respect of the carriage of cargo under certain approved electronic trading systems To date, versions of two such systems have been approved - Bolero (www.bolero.net) and ESS (www.essdocs.com) Traditional exclusions of cover under Club Rules continue to apply in the same manner as with paper systems Participation in electronic trading systems may expose Members to risks for which additional non-P&I cover should be obtained
THIS LETTER IS FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS AN OFFER, PERSONAL RECOMMENDATION OR SOLICITATION TO CONCLUDE A TRANSACTION AND SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE. THE TERMS OF ANY INVESTMENT WILL BE EXCLUSIVELY SUBJECT TO THE DETAILED PROVISIONS, INCLUDING RISK CONSIDERATIONS, CONTAINED IN THE PROSPECTUS OR OTHER ISSUER DOCUMENTATION FOR THE ISSUE OF CAPITAL SECURITIES.
This circular provides details of the AGM of the Club in Shanghai on 18th October 2010 and the arrangements for voting by proxy.
A further postponement of the requirement to contract with an MSA approved oil pollution response company is likely An update of the existing situation This circular refers to previous circulars 12/09, 15/09, 5/10 & 7/10
The additional premium system for tankers carrying persistent oil to or from the United States will continue for the 2008 policy year. Rates have been reduced by 10 per cent.
Overall cost of reinsurance to increase for 2008. Collective overspill reinsurance protection on behalf of each club in the Group purchased once again for the 2008 policy year. Club retention remains at US$7 million for 2008. 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 2/08 and 3/08.
Members with ships registered in a State Party are recommended to contact the authorities in that State in order to confirm the application procedures for Bunkers Convention certificates. For Members with ships registered in non-State Parties, it will only be possible for the Club to issue Blue Cards when it is clear which State Parties are willing to issue certificates to such ships. Individual application forms are being emailed to each Member to collect the necessary information for issuing Blue Cards. These should be completed and returned as soon as possible. Following legal advice received on the relevant address for insertion in Blue Cards, the Club will insert the address of the registered office unless advised of an alternative address by the Member.
Q1: What is hybrid capital? A: Hybrid capital is capital that is structured as debt, but has equity-like features. The equity-like features are designed to absorb losses. It is also subordinated on a winding-up to...
THIS LETTER AND THE ACCOMPANYING FREQUENTLY ASKED QUESTIONS ARE FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS AN OFFER, PERSONAL RECOMMENDATION OR SOLICITATION TO CONCLUDE A TRANSACTION AND SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE. THE TERMS OF ANY INVESTMENT WILL BE EXCLUSIVELY SUBJECT TO THE DETAILED PROVISIONS, INCLUDING RISK CONSIDERATIONS, CONTAINED IN THE PROSPECTUS OR OTHER ISSUER DOCUMENTATION FOR THE ISSUE OF CAPITAL SECURITIES.FROM THE CHAIRMAN
Solid investment return of 6.51 per cent in challenging investment conditionsTotal funds of US$992 millionNet claims reserves of US$763 millionFree reserves of US$229 millionNo supplementary calls estimated on the open policy years
OUTLINEThe Bunkers Convention will enter into force in States Parties on 21st November 2008.All vessels over 1000 gross tons are required to maintain on board a Bunkers Convention...