Circular 4/03: Tanker Voyage Additional Premium System - 2003 Policy Year
TO THE MEMBERS
Dear Sirs
OIL POLLUTION IN THE UNITED STATES
TANKER VOYAGE ADDITIONAL PREMIUM SYSTEM - 2003 POLICY YEAR
The additional premium system for tankers carrying persistent oil to or from the United States will continue for the 2003 policy year. The new rates (set out below), which represent an increase of 40 per cent on the 2002 rates, are in line with the increase in cost for the first US$1 billion of cover under the International Group's excess of loss reinsurance arrangements for the 2003 policy year.
The full text of the US Oil Pollution Clause 20/2/2002 will be set out in an Appendix to the Rules and will be incorporated, by reference, in the Certificates of Entry. As before, a lower rate per ton will apply to tankers equipped with segregated ballast tanks (SBT) in accordance with the requirements of Regulation 13 of Annex 1 to MARPOL 73/78.
| non-SBT tankers | SBT tankers | |||
| (A) | Tankers of more than 1,000 gt | US$0.1428 | US$0.126 | per entered ton, each US voyage. |
| . | ||||
| LOOP or lightening | US$0.0714 | US$0.063 | per entered ton, each US voyage. | |
| . | ||||
| (B) | Tankers of 1,000 gt or less | Either US$143 | ||
| or US$2,856 | US$126 | |||
| US$2,520 | each US voyage per annum. | |||
| . | ||||
| (C) | Parcel tankers carrying 5,000 m/t or less of persistent oil as cargo | US$428 | US$378 | each US voyage. |
| . | ||||
| (D) | Parcel tankers carrying between 5,001 and 10,000 m/t of persistent oil as cargo | US$1,075 | US$941 | each US voyage. |
| . | ||||
| (E) | Parcel tankers carrying more than 10,000 m/t of persistent oil as cargo | US$0.1428 | US$0.126 | per entered ton, each US voyage. |
Yours faithfully
Thomas Miller (Bermuda) Ltd.
