The UK Club would like to draw Members' attention to the latest International Group circular from MARIN on the update on the roll risk estimator excel sheet.
On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.
At their meeting on 7th February 2022, 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.
Since 2010, considerable sanctions' activity has been directed at shipping and its supporting industries reflecting the fact that 90% of world trade involves the carriage of goods by sea.
Members are advised from 20 February 2022 the procedure for paying claims related suppliers for claims on European Economic Area (“EEA”) risks is changing. The change applies only to risks written by UKNV.
At the Annual General Meeting held in Zurich on Monday 18th October, the proposed resolutions in the agenda were put to the Members and were adopted by the meeting.
At their October meetings in Zurich and Rotterdam, the Boards reviewed the financial position of the Club including the performance of the open and closed policy years
