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Nov 21, 2022
Lockton P.L. Ferrari

Renewal Bulletin No. 07/22 - Club West of England

21st November 2022

  • Standard surcharge of 10 % on all mutual premium rates for the 2023 renewal forClass 1 (P&I) owned mutual.
  • Standard surcharge of 15% on all mutual premium rates for the 2023 renewal forClass 2 (FD&D) owned mutual.
  • For both Class 1 (P&I) and Class 2 (FD&D) Non-Mutual Covers, while there is nostandard surcharge, rates and terms will be increased and adjusted as appropriateto reflect the increased reinsurance cost, Member’s record and/or risk exposure.
  • For charterers and fixed premium rates, no change will be made to current practice.

At the recent Board meeting, the Club has considered its financial position and decidedthe renewal requirements as above. In addition, the Club circular sets out the mainhighlights:

  • Rates and terms would be adjusted as necessary to reflect record and / or riskexposure for those Members with adverse records.
  • No changes will be made to deductibles for Class 1 (P&I) owned entries howeverthere will be 10% increase and a minimum increase of USD2,500 will be applied.
  • In addition to the 10% increase on the mutual premium, rates will be adjusted toreflect any changes in the cost of the International Group reinsurance programme,whether up or down.
  • No change will be made to the deductible for Class 2 (FD&D) owned mutual.
  • A release call will be 15% for Policy year 2023/24.

This Newsletter, and our information archive, can also be accessed at

P.L. FERRARI & CO S.r.l.

P.L.Ferrari – A Member of the Lockton Group of Companies This newsletter is intended solely as an overview of the marine market and does not constitute any form of advice. It is based on sources believed to be accurate at the time of printing andwe cannot be held liable for the omission of any information within the newsletter.