UK CLUB OWN REINSURANCES
The policies put in place for the 2010 policy year and reported in last year’s report were successfully renewed for the 2011 policy year. This new programme was designed to protect the Club against not only single major
OVERSPILL REINSURANCE
If a claim were to exceed $2.06 billion, ie the limit of the Group excess of loss contract, the excess or overspill will be pooled amongst the Group clubs. The overall Group Pool limit for such an overspill claim remains unchanged at 2.5 per cent of the property limitation funds under the 1976 Limitation Convention of all mutual ships entered in the International Group clubs. Mutual Members ultimately remain liable to pay an overall call up to a maximum of this limit for each entered ship, in accordance with Rule 22 of the Rules of the Club.
OIL POLLUTION LIMIT
There is no change for the 2011 policy year. The limit of the Club’s aggregate liability for oil pollution claims remains $1 billion as set out in the Rules.
PASSENGER AND CREW LIMITS
Similarly, there is no change to passenger cover for the 2011 policy year, and the Club’s limit on cover remains at $2 billion for passenger claims and $3 billion, each event, in respect of liability to passengers and seamen.
For the 2011 policy year the Group was able to take advantage of the 24 month reinsurance policy placed in 2010. This policy provides reinsurance protection on behalf of each club for an overspill claim of up to $1 billion. This reinsurance is available to all group clubs to reduce the need to make an overspill call on their Members. At the 2011 renewal the 24 month policy was extended for one more year to 20th February 2013.
losses but also a materially adverse aggregation of claims at lower levels both within the Club retention and at Pool level. The reinsurance of the charterers’ programme was also successfully concluded on favourable terms.
WAR RISK AND TERRORISM COVER
For the 2011 policy year, the limit of the Group’s excess war P&I insurance remains $500 million. The supplementary Pooling for
“Bio Chem” claims, which will also continue to match the upper limit of the Pool at $50 million, was also continued for the 2011 policy year. Details of the war risks P&I cover arrangements for the 2011 policy year were communicated to Members by circular 2/11.
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