2012 Reinsurance rates announced
The International Group reinsurance sub-committee announced today that it had concluded terms for 2012 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 2012 policy year.
International Group General Excess of Loss Reinsurance Contract Renewal 2012 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 2012 are as follows:-
|DIRTY TANKERS||$0.6515||- 7.43 %|
|CLEAN TANKERS||$0.2798||- 8.41 %|
|DRY CARGO VESSELS||$0.3561||- 3.99 %|
|$1.3992||- 5.33 %|
For chartered tankers, reinsurance costs including $0.0037 per GT for excess war risks will be $0.1768, and for chartered dries $0.0861 (both rates unchanged from 2011).
U.S. Oil Pollution Surcharge 2012
For 2012, the rates have been reduced by 30% to provide the following voyage surcharges for the 2012 policy year:
|(A)||Tankers of more than 1000 gt||$0.0476||$0.0396 per ton per voyage|
|LOOP/Lightening||$0.0238||$0.0198 per ton per voyage|
|(B)||Tankers of 1000 gt or less||either||$48||$40 per voyage|
|or||$960||$800 per annum|
|(C)||Parcel tankers carrying less |
than 5,000 metric tons of persistent
oil as cargo
|$143||$119 per voyage|
|(D)||Parcel tankers carrying|
5,000 - 9,999 metric tons of
persistent oil as cargo
|$357||$297 per voyage|
You may also be interested in:
2018 Reinsurance Rates Announced
The International Group today announced that it had concluded terms for 2018 in respect of the excess of loss reinsurance.
Circular 04/22: Review of Open Policy Years
At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.
2019 Reinsurance Rates Announced
The arrangements for the renewal of the International Group General Excess of Loss (GXL) reinsurance contract for 2019/20 have now been confirmed.
UK Sanctions - An Update
The UK has implemented a number of sanctions in response to Russia’s invasion of Ukraine. The applicable UK legislation is The Russia (Sanctions) (EU Exit) Regulations 2019, which has been amended by eight additional regulations (the “Amendments”).