In the face of retained claims quantum inflation, and increased costs of pool claims, the Club’s board will seek to address the insufficient premium level to cater for the risks covered by the Clubs. Whilst the Club will review each member’s performance and rating individually, they will seek to secure an overall adjustment of 7.5% on premiums for 2026.
In addition the Club will adjust lower deductibles to minimum standard levels. As per the current Rule Book these are as below, and are not expected to change:
P&I
- Crew/Passengers USD12,500
- RDC/FFO USD50,000
- Pollution USD12,500
- Cargo USD17,500 9USD12,500 for vessels under 2,500 GT)
- Property Liability USD17,500
- All others USD12,500
(The deductibles applicable to cargo claims under the Rules referred to in this paragraph (whether for standard or separately agreed amounts) shall be doubled when the loss or liability is due to water damage resulting from leaky cargo hatches or tank hatches on account of inadequate maintenance.)
The Club have also confirmed that there will not be a Member’s credit this year.
Changes to the IG excess of loss reinsurance programme will be passed on to the members in the usual way.
Release calls:
- 2026-27: 15%
- 2025-26: 15%
- 2024-25: 10%
- 2023-24: 7.5%
Full details of the Club’s renewal position are contained in the Circular.
