At their meeting in May 2015, the Directors closed the 2012 policy year. The small deficit was met from the reserves. Open years developing in line with expectations
Both Alaska Chadux and Alaska Maritime Prevention and Response Network (Network) have amended their contracts to conform with the IG VRP Guidelines. Members who sign up with the Network and/or Alaska Chadux from 20 February 2015 therefore no longer require additional cover.
At their meeting on 26th January 2015, the Directors reviewed the basis on which special war risks P&I cover could be made available to Members in accordance with the proviso to Rule 5E and determined that this cover should be made available to Members for the 2015 policy year in accordance with the terms of the attached Directors' Resolution of 26th January 2015.
For the 2015 policy year the Club retention will remain at $9 million.The Group Pooling retention will remain unchanged at $80 million and continues to be insured by the Group captive, Hydra, and pre-funded by a premium contribution from each club.
The Nairobi International Convention on the Removal of Wrecks, 2007 will enter into force on the 14th April 2015. Ships of 300gt and above, registered in a State Party or leaving/entering a port in the territory of a State Party, will need insurance cover arrangements which meet the requirements of the Convention, evidenced by a certificate from a State Party.
The International Group has amended the recommended spill response wording. Owners signing new spill response contracts with SPROs are advised to sign of the basis of the new wording. Members requested to agree a variation of the revised recommended wording should check with the Club before proceeding. Revised wording is attached to this circular.
