Club Circular 11/17: Group reinsurance rates reduced for all vessel categories Individual Club retention to remain at $10 million The attachment point on the Group GXL reinsurance programme, will remain at US $100 Hydra has maintained its participation on the ﬁrst layer Oil pollution cover limit remains at $1 billion for the 2018 policy year MLC cover will be renewed for a further 12 months from 20 February 2018 with an increased limit of US $200 million
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.
At their meeting in May 2017, the Directors closed the 2014 policy year. The surplus was transferred to the reserves. The 2014 policy year was closed and open years developing in line with expectations.
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.
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.