Members are referred to our Circular 3/16 concerning Iran sanctions.This Circular is intended to update members on the latest developments in relation to the interim and longer-term solutions to the reinsurance recovery shortfall risk under the Group General Excess Loss reinsurance programme and Hydra retrocession programme.
For the 2016 policy year, the Club retention will increase to $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.
At their meeting on 1st February 2016, 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 2016 policy year in accordance with the terms of the attached Directors'Resolution of 1st February 2016.
At the Special General Meeting held on 16th January 2016 in Bermuda, the proposed amendments to the Rules of The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited (UK Europe) and of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (UK Bermuda) were approved.
From 1/1/2016 MSRC will no longer provide California Shoreline Protection ("CASP") and On Water Response Coverage services for vessels calling at the Port of Hueneme, California USA and/or transiting the southbound traffic lanes of the Santa Barbara Channel.