At its meeting on 30th October 2017, the Board reviewed the financial position of the Club, the performance
Circular 5/17: BIMCO/ISCO standard spill response contracts, RESPONSECON and US RESPONSECON
Members are informed that BIMCO and ISCO (the International Spill Control Organisation), have launched two standard contracts, RESPONSECON and US RESPONSECON, for the hire of specialised spill response services and equipment.
Circular 3/17: STOPIA 2006 (as amended 2017) and TOPIA 2006 (as amended 2017) – 2017 amendments
STOPIA and TOPIA have had their 10 years' period review with participation of ship and oil cargo interests.
At their meeting on 30th January 2017, 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 2017 policy year in accordance with the terms of the attached Directors' Resolution of 30th January 2017.
China has ratified the Nairobi International Convention on the Removal of Wrecks 2007 and the Convention will enter into force in China from 11 February 2017. The Chinese MSA published a notice on the application procedure for WRC Certificates.
Circular 1/17: International Convention for the Control and Management of Ships' Ballast Water and Sediments, 2004 and US Ballast Water Management (BWM) Regulations
The Ballast Water Management Convention 2004 will enter into force on 8 September 2017. The International Group has prepared an update and guidance on compliance with this Convention and with US BWM Regulations. Further updates and guidance will be provided as and when necessary.
Proposed amendments to rules and Directors' remuneration. Please attached papers for a Special General Meeting to be held on 19th January 2017 in Bermuda.
Circular 20/16: 2017 POLICY YEAR
For the 2017 policy year, the Club retention will remain $10 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. This premium is included in the reinsurance rates.
Mutual Premium Discount of 3 per cent on the total mutual premium for the 2015 policy year. Standard deductible will be $12,000 per event for the 2017 policy year. Any change in the cost of the International Group reinsurance will be passed on to the mutual Members. An explanation of the financial background to the Board's decisions can be found in the "Autumn Review 2016" which accompanies this Circular.
This circular sets out details of the arrangements that will be made by the Club to assist owners to comply with the MLC financial security requirements applicable from January 2017
Update on the Maritime Labour Convention: Amendments to the MLC to implement the principles agreed in 2009 will enter into force on 18th January 2017