The International Group (IG) finalizes Pooling and GXL Reinsurance contract structure for 2023/24 Policy Year, outlining the renewal rates for shipowners.
Special GM Of The United Kinagdom Mutual Steam Ship Assurance Association (Bermuda) Limited - Proposed Amendments To Rules, Bye-Laws And Articles Of Association
Following significant engagement between the International Group and the Government of Turkey, an agreement has now been reached for such ships carrying crude oil cargoes and that will allow Members to continue voyages through Turkish controlled international straits and waters.
Turkish authorities require ships to provide confirmatory letters of P&I cover before entering international straits, Turkish waters, ports, and terminals.
The International Group is aware of an announcement by the maritime authorities in Turkey concerning proposed changes in requirements for laden oil tankers to evidence P&I cover while in Turkish waters.
At their November meetings in Dubai and Rotterdam, the Boards reviewed the financial position of the Club, including the performance of the open and closed policy years, and have set a general increase of 10 per cent on all mutual premium rates for the 2023 renewal. The decisions have been agreed by the Club and its subsidiaries, including UKNV which underwrites all EEA risks.
Circular 03/22: General Trade Licence dated 17 March 2022, UK Government clarifies insurance for vessel calls to Russia and 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.
Towage, which is not part of ordinary or customary trading, requires planning. Owners need to consider the risks and understand the process required to maintain their P&I coverage.
