This circular informs Members that the Club can now provide an economically priced Charterers’ Liability buyback for the excluded risks on a voyage by voyage basis with flexibility on available limits.
Notice of Cancellation (“Notice”) is hereby given that, with effect from Noon GMT Tuesday 20th February 2024, the following coverage changes will be implemented in respect of War Risks coverage on all non-mutual business including but not limited to Charterer's Liability Cover, Non-Poolable extended and ancillary covers to Mutual entries and Fixed Premium P&I Cover.
Circular 03/24: War Risks P&I Excess Cover
Limit on Special War Risks P&I cover for 2024 policy year remains US$500 million with an exclusion of cover in respect of perils in Russia, Ukraine and Belarus, together with a buy-back sub-limited to US$80 million
Circular 02/23: War Risks P&I Excess Cover
Special War Risks P&I Excess Cover, And Bio-Chem Cover, And Us Terrorism Risk Insurance Act Of 2002, As Amended By The Terrorism Risk Insurance Program Reauthorization Act Of 2019
As part of Hong Kong Maritime Week, Margaret Zhou spoke to Hong Kong Maritime Hub about how P&I cover interacts with War Risk insurance
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.