2013 Reinsurance rates announced

The International Group reinsurance sub-committee announced today that it had concluded terms for 2013 in respect of the excess of loss reinsurance and the oil pollution surcharge for US voyages.

The Club will formally publish its customary circulars in due course, however, Members may wish to be aware of the proposed rates for the 2013 policy year.

International Group General Excess of Loss Reinsurance Contract Renewal 2013 policy year

The International Group RI rates (per GT) including Hydra premium, Collective Overspill Cover and excess war risk P & I for the year commencing 20 February 2013 are as follows:-

General Excess of Loss Reinsurance Rates 2012Tonnage Category2013 rate per gtchange from 2012

DIRTY TANKERS $0.7565 +16.12%
CLEAN TANKERS $0.3245 +15.98%
DRY CARGO VESSELS $0.4942 +38.78%

PASSENGER VESSELS

 $3.1493 +125.08%

For chartered tankers, reinsurance costs including $0.0037 per GT for excess war risks (unchanged from 2012) will be $0.2396 (35.52% increase on 2012), and for chartered dries $0.1167 (35.54% increase on 2012)


U.S. Oil Pollution Surcharge 2013

For 2013, the rates have been reduced by 15% to provide the following voyage surcharges for the 2013 policy year:

2013 Oil Pollution surcharge on US voyagesNon SBTSBT

(A) Tankers of more than 1000 gt   $0.0405 $0.0337 per ton per voyage
  LOOP/Lightening   $0.0202 $0.0169 per ton per voyage
(B) Tankers of 1000 gt or less either $41 $34 per voyage
    or $820 $680 per annum
(C) Parcel tankers carrying less
than 5,000 metric tons of persistent
oil as cargo		   $122 $101 per voyage
(D) Parcel tankers carrying
5,000 - 9,999 metric tons of
persistent oil as cargo		   $304 $253 per voyage

Staff Author

UK P&I

Date11/01/2013

Tags

You may also be interested in:

The arrangements for the renewal of the International Group General Excess of Loss (GXL) reinsurance contract for 2019/20 have now been confirmed.

At their November meetings in Dubai and Rotterdam, the Boards reviewed the financial position of the Club, including the performance of the open and closed policy years, and have set a general increase of 10 per cent on all mutual premium rates for the 2023 renewal. The decisions have been agreed by the Club and its subsidiaries, including UKNV which underwrites all EEA risks.

The International Group Pooling and GXL Reinsurance contract structure for 2022 has now been finalised.

The UK P&I Club Rulebook for the 2022 policy year is now available on the Club's website as a PDF download.