The International Group (IG) Pooling and Group Excess of Loss Reinsurance contract (GXL) structure for the 2023/24 Policy Year has now been finalised.
Circular 18/22: Special General Meeting of the United Kingdom Mutual Steam Ship Assurance Association Limited - Proposed Amendments to Rules
A Special General Meeting of The United Kingdom Mutual Steam Ship Assurance Association Limited will be held on 17th January 2023 in London.
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.
Club statement on proposed changes in requirements for laden oil tankers to evidence P&I cover while in Turkish waters.
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.
It is not always smooth sailing in the shipping industry
COVID-19 illness cover
Cover under the crew illness rules - Rule 2 Section 3 Members' liabilities in respect of crew illness from Covid-19 are covered under Rule 2 Section 3
Circular 04/22: Review of Open Policy Years
At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.
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.
Circular 02/22: Special War Risks P&I Excess Cover, and Biocchem Cover, and US Terrorism Risk Insurance Act of 2002, as Amended by the Terrorism Risk Insurance Program Reauthorization Act of 2019
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.