Group Reinsurance 2011 (Editorial 14th January 2011)
The new arrangements for the International Group excess of loss were announced this week.*
The individual rates charged for tankers visiting the United States have reduced by twelve and a half per cent compared to the 2010 policy year. These rates are published in the Addendum to the Club Rules in the "U.S. Oil Pollution Clause".
The Group excess reinsurance rates for the 2011 policy year have also reduced by between four and eight per cent. Differing individual rates are charged for key ship types to reflect the risk exposure they present to the Group Pool and reinsurance.
The Group has increased the upper limit of retained Pool claims from $50 million to $ 60 million. The excess of loss reinsurance programme covers the portion of claims exceeding that figure up to a total limit of $3,060 million.
An explanation of the International Group and Pool arrangements can be found on this website in the About the Club section under "International group of P&I Clubs".
The customary circular will be issued shortly by the Club explaining the arrangements for the 2011 policy year.*International Group of P&I Clubs website announcement and table of reinsurance rates US Oil Pollution Surcharge – 2011 Policy Year
(A) Tankers of more than 1,000 GT
|- per ton per voyage||0.068||0.0566|
|LOOP/Lightening||- per ton per voyage||0.034||0.0283|
(B) Tankers of 1,000 GT or less:-
either per voyage
or per annum
(C) Parcel tankers carrying less than5,000 metric tons of persistent oil as cargo
|- per voyage||204||170|
(D) Parcel tankers carrying 5,000 - 9,999metric tons of persistent oil as cargo
|- per voyage||510||425|
|Ship type||2011 Rate per GT||% change on 2010|
|Tanker – dirty||0.7038||-6.83%|
|Tanker – clean||0.3055||-8.40%|
You may also be interested in:
Since it launched in 2010, the International Group’s P&I Qualification (P&IQ) programme has grown to become one of the shipping industry’s foremost professional courses. In 2020, with its international reach and network, the IG P&IQ found itself perfectly positioned to deliver its courses and exams online. This led to the greatest participation levels to date, with 657 candidates sitting P&IQ examinations in the year.
On 14 July 2021 the European Commission adopted the EU’s “Fit for 55” package, this package consists of a set of inter-connected proposals that will together deliver the EU’s ambition of reducing its greenhouse gas (“GHG”) emissions by at least 55% by 2030, compared to 1990 levels, and for the EU to become a climate neutral continent by 2050.
Australia: COVID-19 Update
Members are advised that effective 12:00pm, Thursday 22 July, South Australia transitioned from a 'low risk' state to a ‘medium risk’ state, advance warning of a FIC has also been given which will run in Australia from 1 August to 31 September 2021 to determine the level of compliance with the safety of navigation requirements of International Conventions and familiarity of the masters and officers with their processes for ensuring safety of navigation.
The Member Authorities of Tokyo and Paris MOU on PSC will launch a joint Concentrated Inspection Campaign (CIC) on Stability.