Protection & Indemnity Insurance 2018/2019

Relevanta dokument
P&I Rules Changes 2019/2020. Protection & Indemnity Insurance 2019/2020

Circulars only on our website

Protection & Indemnity Insurance 2015/2016

Item 6 - Resolution for preferential rights issue.

PORTSECURITY IN SÖLVESBORG

SAMMANFATTNING AV SUMMARY OF

Signatursida följer/signature page follows

FÖRSÄKRAD:LIONS CLUB INTERNATIONAL MD 101 FÖRSÄKRINGS NR. 29SE000185

Styrelsens för Episurf Medical AB (publ) beslut om nyemission av aktier med företrädesrätt för aktieägare (punkten 8)

Karolinska Development AB (publ), extra bolagsstämma 2017

Karolinska Development AB (publ), Extraordinary General Meeting 2017

CCTV eller dispens? Vad göra åt kravet på övervakning av området utanför cockpit från båda pilotstolarna?

FINA SWIMMING WORLD CUP 2004 the 13th and 14th of January 2004 in Stockholm, Sweden

District Application for Partnership

Eternal Employment Financial Feasibility Study

Uttagning för D21E och H21E

STYRELSENS FÖRSLAG TILL RIKTLINJER FÖR ERSÄTTNING TILL LEDANDE BEFATTNINGSHAVARE Styrelsen för Bong AB (publ) föreslår att årsstämman 2019 beslutar om

Komponenter Removed Serviceable

Fortsatt Luftvärdighet

Agreement EXTRA. Real wage increases, expanded part-time pensions and a low-wage effort in the unions joint agreement demands.

William J. Clinton Foundation Insamlingsstiftelse REDOGÖRELSE FÖR EFTERLEVNAD STATEMENT OF COMPLIANCE

Questionnaire for visa applicants Appendix A

Adress 15. August 2014

Förteckningen i Bilaga 1 godkändes såsom röstlängd vid stämman. Godkändes att vissa icke aktieägare närvarande vid stämman.

till cirka 62 procent, beräknad på grundval av den senast fastställda balansräkningen, efter justering för förändringarna i eget kapital sedan den 31

Försöket med trängselskatt i siffror

SAMMANFATTNING AV SKILLNADER MELLAN VADHÅLLNINGSBESTÄMMELSER ATG (SVERIGE) OCH PHUMELELA (SYDAFRIKA)

It was resolved to elect Madeleine Rydberger as chairman of the meeting as well as to keep the minutes of the meeting.

Stiftelsen Allmänna Barnhuset KARLSTADS UNIVERSITET

Beslut om bolaget skall gå i likvidation eller driva verksamheten vidare.


EUFOU Nätverksmöte i Halmstad 3-4 oktober 2018

Skyddande av frågebanken

Gävle. CCIC, Innovative Cities Svenska Kommun Försäkrings AB Nidaros Forsikring. (Swedish Municipality Insurance Co Ltd)

Bilaga 4 / Appendix 4 Förslag till beslut om långsiktigt incitamentsprogram i form av teckningsoptioner Proposal to resolve on a long-term incentive p

1.1 Invoicing Requirements

LEOX HOLDING AB (publ) PRESS RELEASE. FRIDAY 11 th January, 2013

PORTSECURITY IN SÖLVESBORG

Styrelsens förslag till beslut om nyemission av C-aktier The board of directors proposal of resolution regarding issuance of new shares of series C

SWESIAQ Swedish Chapter of International Society of Indoor Air Quality and Climate

Swedish CEF Transport Secretariat. Connecting Europe Facility

The English text is an unofficial translation.

Registrerade / Registered 14/05/2009. No Ordförande / The President. Wubbo de Boer REGISTRERINGSBEVIS CERTIFICATE OF REGISTRATION

The Municipality of Ystad

Arbetsplatsträff 5 april, 2017 Workplace meeting April 5, 2017

Nr 14 Överenskommelse om skyddsmaktsuppdrag avseende Förbundsrepubliken Jugoslaviens intressen i Förbundsrepubliken

SÖ 2000: 18 Nr 18 Avtal med Estland om avgränsningen av de maritima zonerna i Östersjön Stockholm den 2 november 1998

BOGSERTAXA FÖR LULEÅ Gällande fr. o. m. den 1 januari 2017

Isolda Purchase - EDI

Information technology Open Document Format for Office Applications (OpenDocument) v1.0 (ISO/IEC 26300:2006, IDT) SWEDISH STANDARDS INSTITUTE

Anders Persson utsågs att jämte ordföranden justera dagens protokoll. 5

Port Security in areas operated by Port of Norrköping company

Förbud av offentligt uppköpserbjudande enligt lagen (1991:980) om handel med finansiella instrument

Isometries of the plane

Finansiella risker 1

The English text is a translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.

FÖRBERED UNDERLAG FÖR BEDÖMNING SÅ HÄR

CUSTOMER READERSHIP HARRODS MAGAZINE CUSTOMER OVERVIEW. 63% of Harrods Magazine readers are mostly interested in reading about beauty

Svensk författningssamling

SÖ 2005:10. Agreement in the Form of an Exchange of Letters on the Taxation of Savings Income

Dokumentnamn Order and safety regulations for Hässleholms Kretsloppscenter. Godkänd/ansvarig Gunilla Holmberg. Kretsloppscenter

SVENSK STANDARD SS-ISO :2010/Amd 1:2010

Investeringar i svensk och finsk skogsindustri

Pharmacovigilance lagstiftning - PSUR

Riktlinjer för ersättning till ledande befattningshavare i Ascelia Pharma AB Guidelines for remuneration to senior executives in Ascelia Pharma AB

APPLICATION GUIDE <Nordic & Baltic Sweden>

Sjöfartsverkets föreskrifter och allmänna råd (SJÖFS 2006:36) om transport till sjöss av kondenserade gaser i bulk (IGC-koden) SJÖFS 2008:12

there shall be a fundamental balance between fixed and variable remuneration. The fixed salary shall thus be large enough in relation to the total

SVENSK STANDARD SS-ISO 8734

Nr 17 Överenskommelse med Thailand om radioamatörverksamhet

Health café. Self help groups. Learning café. Focus on support to people with chronic diseases and their families

Schenker Privpak AB Telefon VAT Nr. SE Schenker ABs ansvarsbestämmelser, identiska med Box 905 Faxnr Säte: Borås

Port Security in areas operated by Norrköping Port and Stevedoring company


Om oss DET PERFEKTA KOMPLEMENTET THE PERFECT COMPLETION 04 EN BINZ ÄR PRECIS SÅ BRA SOM DU FÖRVÄNTAR DIG A BINZ IS JUST AS GOOD AS YOU THINK 05

Anvisningar för ämnesansvariga vid LTV-fakulteten

Finanskompetenscentrum 15 maj 2014

Oförstörande provning (NDT) i Del M Subpart F/Del 145-organisationer

Vässa kraven och förbättra samarbetet med hjälp av Behaviour Driven Development Anna Fallqvist Eriksson

Lösenordsportalen Hosted by UNIT4 For instructions in English, see further down in this document

Analys och bedömning av företag och förvaltning. Omtentamen. Ladokkod: SAN023. Tentamen ges för: Namn: (Ifylles av student.

Villkor för teckningsoptioner av serie 2011/2021 i Aerocrine AB Terms and conditions for warrants of series 2011/2021 in Aerocrine AB

Styrelsens fullständiga förslag till beslut om riktlinjer för ersättning till ledande befattningshavare

Module 6: Integrals and applications

Muonioälven Översiktskarta

UF2010/71589/UD/SP (delvis) 3 bilagor. Ärendet

UF2010/7486/MU (delvis) 1 bilaga. Ärendet

N.B. The English text is an in-house translation. Bilaga B(i)/Appendix B(i)

Bolagsstämma ska hållas i Mölndal, Stockholm eller Göteborg. General meetings shall be held in Mölndal, Stockholm or Gothenburg.

EASA FTL (Flygarbetstid)

Styrelsens i Vitrolife AB (publ), org. nr , förslag till beslut om vinstutdelning (punkten 7 i dagordningen)

Custom-made software solutions for increased transport quality and creation of cargo specific lashing protocols.

Till justeringsman att jämte ordföranden justera dagens protokoll utsågs Albin Rännar, ombud för Sveriges Aktiesparares Riksförbund.

SUPPLEMENT TO NEXSTIM PLC'S PROSPECTUS OF 10 OCTOBER 2014

Försäkringsbrev/Insurance policy

State Examinations Commission

Särskild avgift enligt lagen (1991:980) om handel med finansiella instrument

Bidrag till oberoende utvärdering av pilotverksamhet för reformering av FN:s utvecklingssamarbete på landnivå

Bidrag till World Federation of United Nations Associations

Transkript:

Circular P&I 2628/2017 8 December 2017 Protection & Indemnity Insurance 2018/2019 Section 1: Statement from the Management Executive summary The Club s overall claims frequency has increased during the past two years, as per the graph below, but as the years develop frequency normally comes down. Average claim costs remain fairly stable on an overall basis. After a benign 2016/2017, the 2017/2018 policy year seem to resume the earlier longterm trend of costlier large claims for the International Group. Underlying estimated claims inflation runs just below 3 % per annum. International Group excess reinsurance negotiations are on-going and a small increase or an as expiry renewal is expected. We are expected to come in just above the Club s targeted combined ratio of 100 % for P&I for 2017/2018 and we budget for a balanced result for policy year 2018/2019. Growth rate is as per expectation and GT is now at 49.1 million with an additional 25.8 million GT of Charterers entries. A General Increase of 0 % is proposed, in addition to changes in Group reinsurance costs. Cargo and Crew deductibles to be increased by USD 1,000 respectively. Claims frequency and severity The overall rise in claims frequency, notably in respect of cargo and crew claims, has continued during policy years 2016/2017 and 2017/2018. These frequencies, however, reduce over time as the years develop and claims notifications are closed. Average claim costs remain fairly stable. Frequency of claims in excess of USD 500,000, as well as average cost of such claims, have increased for the 2016/2017 and 2017/2018 policy years. We estimate that the annual rate of claims inflation will run just below 3 %. P&I Circular www.swedishclub.com

P&I 2628/2017 8 December 2017 Underwriting results P&I The Club was able to meet the 100 % combined ratio target in 2015/2016. 2016/2017 is on target and we budget for a balanced result for 2018/2019. Pool claims Whereas the policy year 2016/2017 seems to develop towards a less challenging pool year compared with previous policy years, the 2017/2018 policy year appears to resume the long-term trend of costlier large claims for the International Group. After a benign beginning of the year, a number of pool claims have been reported during the year which have deteriorated the result. In addition, the policy year 2015/2016 has also continued to deteriorate during 2017. The Club has so far had one claim pool claim during policy year 2017/2018. This casualty, involving the vessel CHANG HANG TAN SUO that grounded off Guangzhou, China, has a current reserve of USD 17.5 million. P&I Circular www.swedishclub.com 2(6)

P&I 2628/2017 8 December 2017 Our portfolio Our portfolio has continued to grow for 2017/2018 despite a loss of tonnage at renewals. We have continued to exceed the industry average growth rate for the past five years. GT has increased by more than 5 % since 20 February 2017 and 2.7 % in the last 12 months. Rationale: No General Increase policy year 2018/2019 The rationale for proposing a 0 % general increase for the third consecutive year is to give members the benefit of a fairly good claims year, although the claims trend for most claims segments are on the rise including the IG pool, and a good investment year. We should however be mindful that claims inflation runs just below 3 % and that the Club s premium is affected by churn. Individual members claims records and risk exposure will be considered in the renewal process. P&I Circular www.swedishclub.com 3(6)

P&I 2628/2017 8 December 2017 Section 2: Descriptive part Decisions and Instructions At the meeting in London on 7 December 2017, the Board of Directors decided the following regarding premium and deductibles for the policy year 20 February 2018 to 20 February 2019: to levy no general increase 2018/2019 instructed the management to contact each Member individually to discuss renewals for 2018/2019 the new call will be adjusted by any changes in the International Group s reinsurance cost. The call will also reflect the true exposure of our retention, as well as estimated contributions to pool claims, together with an assessment of the Member s records to apply a general deductible increase for Cargo and Crew deductibles by USD 1,000 respectively for the 2018/2019 policy year Owner s Protection & Indemnity Premiums All premiums are debited as advance and supplementary calls. It is anticipated that this policy year will be closed in 2021. The Board decided that the premium will be debited in four instalments: at inception on 20 February, 20 May, 20 August and 20 November. The premium will be based on Gross Tons (GT) as per the International Convention on Tonnage Measurements of Ships 1969. Supplementary Call Any supplementary call for this year will initially be decided upon in 2019. The current estimated supplementary call for 2018/2019 is 0 %. Release Call The release call for 2018/2019 is presently set at 15 %. Members should be aware that, even if a release call has been paid, the Association retains the right to make overspill calls as per the P&I Rules (Rule 24). Renewals The premium for 2018/2019 will be based on the Member s record for the five-year period 2012-2017, including the current year, if adverse. Records and claims summaries are available through SCOL, located on the Association s website at: www.swedishclub.com The information is updated daily. Application of General Increase and adjustments for records The announced zero General Increase and adjustments for records relevant to policy year 2018/2019 will be applied to the net premium applicable for policy year 2017/2018 (gross premium less commission if applicable). Once the XS reinsurance cost for policy year 2018/2019 is known, the old XS reinsurance cost will be taken out of the new net premium and replaced with the new cost of the XS P&I Circular www.swedishclub.com 4(6)

P&I 2628/2017 8 December 2017 reinsurance applicable for policy year 2018/2019. Thereafter (if applicable) the commission will be calculated/added and the new gross premium will be arrived at. Payment of Premium Premiums are to be paid in accordance with the enclosed Procedures for Payment of Premium. Limit of Liability The overall liability of the Association for 2018/2019 is, unless otherwise stated in the Policy or in the P&I Rules, limited to a maximum collection of a 2.5 % contribution for each entered vessel, based on the International Convention on Limitation of Liability for Maritime Claims 1976, property claims Article 6 paragraph 1(b), in excess of reinsurance jointly placed by the International Group. (See also current P&I Rules, Appendix ) The limit of liability for Oil Pollution is USD 1 billion. In respect of P&I Excess War Risk Cover, the limit is USD 500 million and in respect of war liabilities arising from Bio- Chem etc., the limit is USD 30 million. For passenger and seaman risks, the limit is USD 3 billion with a sub-limit of USD 2 billion for passenger claims only. Lay-up Returns Members are allowed up to 50 % premium returns for vessels laid up in a safe port for more than thirty (30) consecutive days, if the vessel has only watchmen and no cargo on board. No premium return is granted for vessels less than 500 GT, or for tugs, barges or passenger ships/ferries in coastal trade. A claim for lay-up returns should be made to the Association as soon as possible, however, and at the latest 3 months after expiry of the policy year. Sufficient information has to be supplied in order for the Association to calculate the return. A lay-up return application form is enclosed. Old years The release call percentages reflect an assessment of the risk that it could become necessary for the Club to levy an unbudgeted supplementary call. The assessment is made by examining the factors set out in the International Group Agreement, notably premium risk, catastrophe risk, reserve risk, counterparty risk, market risk and operational risk. The current position of the open years as decided by the board in December 2017 is as follows: Year Status Estimated Supplementary Call Release Call 2015/2016 Open 0 % 3 % 2016/2017 Open 0 % 8 % 2017/2018 Open 0 % 15 % 2018/2019 Open 0 % 15 % P&I Circular www.swedishclub.com 5(6)

P&I 2628/2017 8 December 2017 Charterers Limited Liability Cover For 2018/2019 the Association also offers limited cover for Charterers including Charterers Liability to Hull. The overall maximum is limited, but may be arranged up to USD 750 million for any claim or occurrence. For further details, please contact each Team respectively. Special covers Further information of reinsurance, special covers, US trading et cetera will be provided prior to the new Policy Year. Yours faithfully, The Swedish Club Lars Rhodin Enclosures: P&I Rule changes 2018/2019 Procedures for payment of premium Lay-up return P&I Circular www.swedishclub.com 6(6)

P&I rule changes Proposed changes 2018/2019 www.swedishclub.com 1 (5)

Summary proposed changes Rule 2 Clarification that charterer means bareboat charterer. Rule 7 Section 10 & Appendix II Rule 3 The rules pertaining to consortium claims which were removed last year have been reinstated and are now part of both owners and charterers rules. Rule 2 English: Rule 2 Nature of cover The cover afforded by the Association is set out in these Rules subject to any special terms which may be agreed. The Member shall have the burden of proving that any claim against the Association results from a risk covered by the Rules. The Member is covered in respect of liabilities, costs or expenses incurred by him in his capacity as owner, operator or bareboat charterer of the entered ship and arising out of an event during the period of insurance as a direct consequence of the operation of that ship. Unless the Association otherwise decides the Member is only covered in respect of such sums as he has paid to discharge liabilities, costs or expenses referred to in Chapter II. The cover afforded by the Association shall not include the deductible fixed by the Association or otherwise agreed with the Member. The cover afforded by the Association shall not exceed the sum to which the Member would be entitled to limit his liability under applicable law on limitation of liability. These Rules are subject to the Articles of the Association. Furthermore, the General Swedish Marine Insurance Plan of 2006 (SPL 2006) and Swedish Law in relevant parts to apply in matters not provided for in these Rules. The Association may amend these Rules at any time during the period of insurance in order to avoid the Association becoming subject to any sanction, prohibition or adverse action by any State or International organisation. Swedish: Regel 2 Försäkringens grunder Föreningens ansvarighet framgår av dessa villkor såvida annat ej överenskommits mellan försäkringstagaren och Föreningen. Det åligger försäkringstagaren att visa att anspråk mot Föreningen angår ansvar som är angett i villkoren. Försäkringen omfattar ansvar, kostnader eller utgifter som åsamkats försäkringstagaren i hans egenskap av det försäkrade fartygets ägare, redare eller bareboat befraktare och som www.swedishclub.com 2 (5)

uppkommit på grund av en händelse under försäkringstiden som en direkt följd av fartygets drift. Ansvar, kostnader eller utgifter enligt Kapitel II ersätts av Föreningen endast i den utsträckning betalning härför först erlagts av försäkringstagaren, såvida Föreningen inte annorlunda bestämmer. Föreningens ansvarighet omfattar inte den självrisk som fastställts av Föreningen eller eljest överenskommits med försäkringstagaren. Föreningens ansvarighet skall inte överstiga det belopp vartill försäkringstagaren skulle ha ägt begränsa sitt ansvar i enlighet med tillämpliga rättsregler om begränsning av redaransvaret. Dessa villkor är underkastade Föreningens bolagsordning. Dessutom gäller I tillämpliga delar Allmän Svensk Sjöförsäkringsplan av år 2006 (SPL 2006) och svensk lag i frågor som inte reglerats i dessa villkor. Föreningen kan ändra dessa villkor under försäkringstiden för att undvika att Föreningen blir föremål för sanktioner, förbud eller skadliga åtgärder från någon stat eller internationell organisation. Comment: It is clarified charterer means bareboat charterer. Other charterer risks are dealt with in the rules for charterers cover. Rule 7 English: Rule 7 Section 10 - Consortium claims The Association s liability for consortium claims shall be limited to such sums and be subject to such terms and conditions as set out in Appendix II Rule 3. Swedish: Regel 7 10 - Konsortiumkrav Föreningens ansvar med avseende på konsortiumkrav begränsas till det belopp och lyder under de villkor som anges i Appendix II Regel 3. Appendix II, Rule 3 English: Consortium claims Consortium Agreement: Any arrangement under which a Member agrees with other parties to the reciprocal exchange or sharing of cargo space on the entered ship and consortium ships. www.swedishclub.com 3 (5)

Consortium ship: A ship or space thereon, not being the entered ship, employed to carry cargo under a consortium agreement. Consortium Claim: A claim shall be a consortium claim where: (a) it arises under a P&I entry of an insured ship; and (b) it arises out of the carriage of cargo on a consortium ship; and (c) the Member and the operator of the consortium ship are parties to a consortium agreement; and (d) at the time of the entry of the Member in respect of consortium claims, the Member employs an insured ship pursuant to that consortium agreement. Unless otherwise agreed the Association is not liable for consortium claims. A consortium agreement must be submitted and approved by the Association. The Association s liability in respect of a consortium claim shall be limited to such sum or sums and be subject to such terms and conditions as the Association may from time to time determine and the aggregate amount recoverable from the Association and/or all other Associations participating in the Pooling Agreement for consortium claims arising out of one and the same incident or occurrence shall not exceed that limit. The aggregate of all claims recoverable from the Association or and/or all other associations participating in the Pooling Agreement from any one consortium ship shall not exceed USD 350 million any one event. Appendix II, Regel 3 Swedish: Konsortiumkrav Konsortiumavtal: Varje överenskommelse enligt vilken en försäkringstagare avtalar med andra parter om ett ömsesidigt utbyte av eller om delat lastutrymme i det försäkrade fartyget och konsortiumfartyg. Konsortiumfartyg: Ett fartyg, eller utrymme däri, som inte är det försäkrade fartyget, och som används för att transportera last enligt ett konsortiumavtal. Konsortiumkrav: Ett krav är ett konsortiumkrav när: (a) det uppkommer under försäkringsavtalet; och (b) det uppkommer med anledning av transport av last på ett konsortiumfartyg; och (c) försäkringstagaren och redaren för konsortiumfartyget är parter i ett konsortiumavtal; och (d) försäkringstagaren använde ett försäkrat fartyg i enlighet med konsortiumavtalet vid den tidpunkt då försäkringstagaren tecknade försäkring för konsortiumkrav. Om ej annat överenskommits har Föreningen ingen ansvarighet för konsortiumkrav. Konsortiumavtal måste inlämnas till och godkännas av Föreningen. www.swedishclub.com 4 (5)

Föreningens ansvarighet med avseende på konsortiumkrav begränsas till det belopp och lyder under de villkor som Föreningen föreskriver och det sammanlagda belopp som kan erhållas från Föreningen och/eller annan part i Pool avtalet för konsortiumkrav avseende ansvar som har sitt ursprung i en och samma skada eller händelse skall inte överskrida detta begränsningsbelopp. Summan av alla ersättningsanspråk som täcks av Föreningen och/eller alla andra parter i Pool avtalet för varje konsortiumfartyg skall inte överskrida USD 350 miljoner för varje enskild händelse. Comment: Provisions pertaining to consortium claims are reinstated in the rules (it was moved last year to charterers rules) since these claims can also involve an owner s entry. www.swedishclub.com 5 (5)

Enclosure 2 Procedures for payment of premium Debit notes will be mailed to Members/Brokers one month prior to due date in order to provide ample time for arranging payment. To speed up the transfer of funds we recommend an electronic payment order. Cross-border payments should always be effected with relevant IBAN, our bank's name, address and SWIFT address (Bank-/BIC-Code) being HANDSESS to ensure an easy and quick settlement. The debit note reference number (i.e. invoice number) should always be stated on the payment order, enabling the Club s accounting department to quickly trace the payment. At renewals and risk attachments, debit notes for the first instalment might not have been received prior to due date. In such cases Members are requested to transfer the outstanding amount prior to receiving the debit note. In case premiums are not received by the Club on the due date, interest calculated at one per cent (1 %) per month will be charged from the day after the due date. The interest will be debited per calendar quarters. Should premiums still be outstanding 30 days after the due date, the Club may issue a notice of cancellation to the Member and relevant Mortgagees. P&I Circular 2628/2017

Lay-up return application Member name:... Vessel:... Insurance class: Hull & Machinery Protection & Indemnity Arrival date:... Time:... Departure date:... Time:... Port of place:... Exact location at arrival:... Cargo at arrival: Loaded Cargo at departure: Loaded Ballasted Crew: Full crew Reduced crew... % Watchmen only Ballasted Reason for lay-up: Awaiting berth Awaiting orders Other (please state):...... Approval from Class for mooring at lay-up location: Yes No Have repairs been carried out during lay-up period? Yes No If Yes: Owners work period:... Claims repairs period:... Shifting/Mooring/Unmooring operations: From date/time Location To date/time Location Other information attached to this form: It is hereby confirmed that the vessel was always in a safe condition during the time for lay-up claimed. Authorized signature:... Date:... Lay-up return will be subject to assessment of the provided information. This form has to be completed and submitted to the Club within time frames as set out in Marine and/or P&I Circulars respectively. Please do not hesitate to contact the Club for further information. P&I Circular 2628/2017