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New P&I rates in 2010

New P&I rates in 2010
Several P&I clubs have announced general increases to be applied at the 2010 renewal year starting in February.

Several P&I clubs have announced general increases to be applied at the 2010 renewal year starting in February.

Several P&I clubs have announced general increases to be applied at the 2010 renewal year starting in February.

Two of the latest are The London Club, which will increase its P&I premium by 5% and FD&D premium by 20%, while the Japan Club has announced that a general increase of 12.5% will apply to mutual P&I premium.

According to HSBC in a report, both clubs also advised that they are closing the 2006 policy year and confirm that at this stage, all other open years are progressing as anticipated with no additional call expected.

At 12.5%, the Japan Club increase is considerably higher than that announced by any of the other nine clubs that have so far published their own requirements, HSBC said. The club had said that this level of increase was necessary to ?enhance the soundness of the financial status?.

With most clubs having announced their P&I general increases, it is noteworthy that with one exception all the English P&I clubs have followed the lead of Britannia with a 5% increase - the exception being the Standard Club with a 3% increase, HSBC said.

The one remaining club to not declare its hand thus far is the West of England.

Meanwhile, SKULD joined most other P&I clubs in raising the rates for all mutual classes by 5% for the 2010 renewals.

However, Gard announced a modest 2.5% general increase this week.

www.TurkishMaritime.com.tr

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