Club documentation: 100 per cent from day one
The UK Club has set itself the target of completing the cover documentation for every renewing, or newly joined ship by the close of business on the 20th February.
We are well on the way to achieving that with 98 per cent of documentation completed at the renewal deadline of midday 20th February. The renewed Certificates of Entry, debit notes, Blue Cards and other documentation can all be downloaded almost immediately after renewal is agreed and processed via the Members' Area of our website.
If you have not been able to obtain your documentation by Friday 21st February, please call your usual underwriting contact urgently to resolve the matter.
Our recent experience has been that increasingly rigorous port inspections and regulation has detained those Members' ships unable to show current or correct insurance documentation. Even where cover has renewed, the lack of documentation for the forthcoming policy year will risk contravening local authority requirements and prevent the ship's departure until proper documentation i.e. Certificates of Entry, Blue Cards etc are presented.
Members joining or renewing their entries for 2014 receive PDF copies of their documentation by email, either directly or through their brokers. These electronic documents are true original documents. These PDFs can be outputted to a colour printer and presented as original documents.
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Review of the Year 2022
The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor’s capital model.
Circular 03/22: General Trade Licence dated 17 March 2022 – Reporting of vessel calls to Russia and transiting Russian territorial waters
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.
The Club completed a very successful renewal, benefitting from the ongoing support of its Members.
In a recent decision on the CMA CGM Libra, the UK Supreme Court upheld the lower court's decision that defects in passage planning, could render a vessel unseaworthy.