We would like to draw your attention to the recent developments regarding the US Environmental Protection Agency (EPA) Vessel General Permit (VGP) requirements.
Club Circular 12/08: ANNUAL GENERAL MEETING
12/10/2008
A Special General Meeting will be held on the 14th January 2008 in Bermuda. The purpose of the SGM is to consider amending the Club's Rules. The papers for this meeting are enclosed.
Club certificates of entry should be carried on board the entered ships to evidence Members' insurance. Club website "Ship Finder" service at www.ukpandi.com shows the list of entered ships. It is updated daily. Access to Members' certificates of entry and the Club website should be sufficient to satisfy enquiries on ships' insurance cover.
Report of the AGM proceedings and resolutions adopted.
Supplementary premium estimates remain nil for all open years. Overall increase of 17.5 per cent in mutual premium required for 2008. 10 per cent general increase in mutual premium, plus any increase in cost of International Group reinsurance. Additional Pool surcharge of 12 per cent on 2007 premium net of fixed reinsurance costs. General increase for fixed premium rates is five per cent. Release call policy adjusted.
This circular provides details of the AGM of the Club in Bermuda on 22nd October 2007 and the arrangements for voting by proxy.
Recent Amendments to the Korean maritime law
18/07/2007
On July 3, 2007, the Korean Parliament passed the amendments to the Maritime Chapter of Korean Commercial Code ("KCC").
Circular 8/07 (May 2007) Policy Year Review and Financial Highlights at 20th February 2007
30/04/2007
Policy year review and financial highlights at 20th February 2007. Financial year surplus of $46 million. Investment returns above target at 9 per cent. Free reserves up 20 per cent to $263 million. Additional publication detailing the Club's financial highlights is now available in hard copy and on the Club website.
Club cover for passengers and seamen is limited to $3,000 million, with a sub-limit on passenger claims of $2,000 million. Decision to buy collective overspill reinsurance protection on behalf of each club in the Group for all categories of claim up to $1,000 million in excess of the limit of the Group's reinsurance programme of $2,050 million. Club retention raised to $7 million. No separate overspill protection purchased by the Club for 2007. Oil pollution claims remain subject to a special limit under Rule 5B(ii) of $1,000 million for owned ships and a combined single limit of $350 million for chartered entries. War Risks P&I and US voyage surcharge premiums reported separately in Club Circulars 3/07 & 4/07