Advance Contributions10/12/2009
Advance Contributions
NO CHANGE IN ANNUAL RATES
Annual Premium rates for next year will not increase.2009 C6 - Rates and Terms 2010 sent to Members on 7 December, confirms that rates for 2010 will remain at 2009 levels.
The general annual rate for 2010 will be 0.01205%. Different rates apply for cruise ships and ferries.
All Members will receive at least 20% commission. The sliding scale of additional commission, applying to fleets with a total entered value on renewal of $100 million or more will continue. Those fleets will be allowed additional commission of 5% (25% in total); at the other end of the scale, fleets with a total entered value of $1 billion or more will be allowed additional commission of 30% (50% in total).
The general annual rate will be discounted by 50% in respect of hull interests.
This year has not been claims free: there have been attacks on Members’ ships in the Gulf of Aden and the Indian Ocean and a number have been seized. There have also been a few claims arising in other parts of the world, such as West Africa. The size and scale of the Club, together with its financial stability and strength – reserves at 31 December 2008 were $47 million – mean that we can continue to offer competitive annual rates for 2010 despite the higher number of claims.
Rates and terms for 2010 are set out in full in 2009 C6 - Rates and Terms 2010.