Ten of the 13 International Group P&I mutuals have now set their general increases with half opting for 2.5%.
While the club remains mindful of the difficult trading conditions that its members are operating under, directors believe it is imperative to maintain the financial strength and continue a 24 year record of not imposing unbudgeted supplementary calls said North of England chairman, Pratap Shirke of ASP Ship Management.
The 2.5% general increase is the lowest the North of England has set for some years and compares to 4.75% last year.
The rate rise is the same for both both mutual and fixed premium P&I as well as freight, demurrage and defence cover.
Premiums will also be adjusted to reflect the claims records and exposure of individual fleets.
Crew and cargo deductibles below $25,000 will be increased by $2,500 with all other deductibles raised by $1,000.
‘We will again adopt a robust approach to the February 2016 renewal to ensure that suitable premium levels are achieved for each member to cover their anticipated exposure,” said joint managing director Alan Wilson. “While this means most members will be paying around 2.5% extra for their P&I cover, some could be paying significantly more.”
“Directors are satisfied North remains in a strong position and that our proactive renewal strategy will maintain this position,” added Paul Jennings, also a joint managing director. “Our over-riding aim is to ensure that all members continue to receive the high levels of service and financial security they have come to expect from us."
