6th December 2022
- A minimum premium increase of 5% across the Membership for the 2023 policy year.
- Increases will be in excess of the 5% where Members have adverse loss records.
- In terms of Continuity Credits, Members that enter their full fleet with the Club will receive a 2.5% credit to their 2023/24 premiums.
At the recent Board meeting, the Club has considered its financial position and decidedthe renewal requirements for the 2023 Renewal as above. In addition, the Club circular sets out the mainhighlights:
- The Directors noted that it has been, and continues to be, a challenging period for theindustry in a number of respects.
- Financial markets continue to be volatile as central banks work to combat inflation.
- Claims have seen similar levels of volatility directly linked to the Ukraine/Russian conflict / the sanction regimes in different jurisdictions.
- Bunker quality disputes have still been an issue.
This Newsletter, and our information archive, can also be accessed at www.plferrari.com
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.