The fleet profile by trade type is set out in Table 2. The Club entry profile broadly reflects the world fleet, though the Club has slightly higher relative entries of some trade types such as tankers and gas vessels.
At the 2011 renewal, 14 per cent of the Club’s Members changed deductible terms, slightly less than the 20 per cent the year before. As inflation continues for most types of claim, in particular routine crew claims, the Club continues to encourage Members to review deductible levels. Appropriate deductible levels are important for the results of Members and for the Club as a whole, and the
Table 2: UK Club entry profile at 20th
Board will once again review standard levels of deductibles in October 2011.
During the year the Club continued to stress the importance of the quality of the Membership. Ship inspections took place on 350 vessels and the inspectors endeavour to work cooperatively with Members to identify best practices and share the Club’s loss prevention experience. Importantly, the Club maintains cautious policies when considering new owners for entry in the Club. During the year, the Club declined to offer quotes for more than 5 million gt which did not meet the Club’s underwriting standards.
February 2011 by trade type by tonnage Tanker 29%
Bulk Carrier 33% Container 15% Gas Carrier 12%
Passenger 3% Car Carrier / RoRo 2% Other 6%
CHARTERERS’ BUSINESS
On average the Club had in excess of 80 million gt of chartered business on risk at any one time during 2010. The overall premium derived from the charterers’ book of business has remained between $45-50 million per policy year between 2008 and 2010 and did not suffer a meaningful decline in activity as shipping rates slumped and global chartering activity slowed. Momentum was maintained through a combination of new charterer Members and a better than expected level of chartering activity from existing Members. The charterers’ book of business is now an important part of the Club’s
overall activity and makes a positive contribution to the financial results.
Broker relations remain important to the Club, with more than half the Members of the Club entered through an intermediary. The Club seeks to work closely with intermediaries in all aspects of the underwriting process and sharing of information about the Club. The Club hosted a series of broker receptions and financial briefings during the year, and continued to improve the online resources available to both Members and brokers.
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