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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.
OUTLINEThe four Resolutions for consideration at the SGM on 9th January 2007 (ref Circular 15/06) were passed.
OUTLINELimit on Special War Risks P&I cover for 2007 policy year remains US$500 million.Members are recommended to review ship values for insurance purposes as the excess point for cover remains "proper value" of ship.“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 provided.A portion of these covers is provided in accordance with the requirements of the US Terrorism Risk Insurance Act of 2002, as amended by the Extension Act of 2005.
OUTLINEThe additional premium system for tankers carrying persistent oil to or from the United States will continue for the 2007 policy year.Rates have been reduced by 4.5 per cent.
OUTLINEClub cover for claims in respect of liability to passengers and seamen is limited to $3,000 million, with a sub-limit on passenger claims of $2,000 million.Decision by the International Group to buy overspill reinsurance protection on behalf of each club for all categories of claim up to $1,000 million in excess of the limit of the Group's reinsurance programme ($2,050 million).Group reinsurance rates to include the cost of the new overspill reinsurance protection.Combination of the new limit and purchase of the collective overspill protection reduces exposure to an overspill claim
Club cover for passengers and seamen is limited to $3,000 million, with a sub-limit on passenger claims of $2,000 million. Decision to buy collective overspill reinsurance protection on behalf of each club in the Group for all categories of claim up to $1,000 million in excess of the limit of the Group's reinsurance programme of $2,050 million. Club retention raised to $7 million. No separate overspill protection purchased by the Club for 2007. Oil pollution claims remain subject to a special limit under Rule 5B(ii) of $1,000 million for owned ships and a combined single limit of $350 million for chartered entries. War Risks P&I and US voyage surcharge premiums reported separately in Club Circulars 3/07 & 4/07
Gas carrier ships are not required to carry Blue Cards in compliance with the 1992 International Convention on Civil Liability for Oil Pollution Damage (CLC). International Group clubs have discontinued issuing Blue Cards for gas carriers, both LNG & LPG, with immediate effect. Exceptionally, some older LPG vessels which were constructed or adapted to carry persistent oil in bulk as cargo remain entitled to obtain Blue Cards.
Policy year review and financial highlights at 20th February 2007. Financial year surplus of $46 million. Investment returns above target at 9 per cent. Free reserves up 20 per cent to $263 million. Additional publication detailing the Club's financial highlights is now available in hard copy and on the Club website.
Certain P&I liabilities have been excluded from normal Club cover by the Paperless Trading Endorsement since 1999. The International Group has maintained a market insurance (limited to $50 million) for Members participating in Bolero for excluded P&I liabilities. The market insurance has been extended and is now available for Members who participate in the Electronic Shipping Solutions paperless system.
This circular provides details of the AGM of the Club in Bermuda on 22nd October 2007 and the arrangements for voting by proxy.