Since 2010, considerable sanctions' activity has been directed at shipping and its supporting industries reflecting the fact that 90% of world trade involves the carriage of goods by sea.
The International Group Pooling and GXL Reinsurance contract structure for 2022 has now been finalised
UK Club Circular 08/21: Sierra Leone - Carriage of Iron Ore Fines Cargoes - Liquefaction Risk
07/10/2021
Iron Ore Fines Cargoes exported from Sierra Leone have been identified as an area of increasing concern due to a lack of regulatory oversight at loading ports and the potential for excessive wetting and thereby liquefaction and instability.
The International Group Pooling and GXL Reinsurance contract structure for 2021 have now been finalised.
This Circular concerns efforts by the United States to enhance the sanction provisions targeting the construction of the NS2 and TurkStream pipeline projects and those who provide vessels and services in connection with either project.
This is a joint publication of CINS and the International Group of P&I Clubs outlining updated guidlines for the safe carriage of seed cake in containers.
IG Annual Review 2018/19
14/01/2020
The last year has seen the Group continuing to build on the initiatives launched over the last couple of years under the chairpersonship of Hugo Wynn-Williams to improve and optimise the way in which shipowners benefit from the strengths and opportunities inherent in the mutual club and Group system.
The Inter-Club Agreement, otherwise known as the ICA, first came into force on 20th February 1970
A major strength of the International Group remains its pooling arrangements and the General Excess of Loss and Collective Overspill Programme (GXL programme), which provides shipowners with un-paralleled levels of cover. All shipowners will be aware of the hardening reinsurance market and upward pressure on premiums. Despite this, the longevity and relative stability of the GXL programme has enabled the Group to achieve renewal for 2020/21 on expiring rates for shipowners. Of additional benefit, the US$2 billion excess of US$100 million placed in the commercial market has been confirmed for two years. This will help provide a degree of reinsurance pricing stability for the next two years whilst maintaining flexibility to fund claims within the Pool.
German Insurance Premium Tax (IPT)
18/02/2019
Working through the International Group, and with specialist legal support, IG clubs continue to monitor the developing situation in Germany as regards Insurance Premium Tax on clubs' business.
Following a review by the International Group's Reinsurance Subcommittee of the broking arrangements for its General Excess Loss and the Hydra reinsurance programmes and a tender process initiated at the beginning of March and completed at the beginning of June, the Group has restructured its broking arrangements going forward.
International Group Annual Review 2016-17
12/06/2017
Explore the International Group of P&I Clubs' Annual Review for 2016-17, highlighting key activities, regulatory challenges, and solutions for shipowners' liability insurance needs
Members are reminded of Circular 6/16: Iran Trading - increased limit of fall-back cover, which informed Members that The International Group had purchased €100 million of "fall-back" cover to respond to any reinsurance recovery shortfalls. The International Group announced last week that the "fall-back" reinsurance programme will not need to be renewed past 20th February 2017. The full text of the notice is below, and is also available on the International Group website here.
Given the global announcement of "Implementation Day" - that there will be a lifting of sanctions on Iran, the Club and IG are examining closely what this actually means in reality for Iran's oil, gas, shipping, petrochemicals, insurance and financial sectors, and importantly for those owners/operators wishing to engage business with Iran.
International Group FAQs - US sanctions Iran
18/03/2013
The attached FAQs from the International Group provide a comprehensive summary of the relevant legislation and key provisions that impact on trade activities and financial transactions with Iran
European Commission closes investigation
01/08/2012
The European Commission has today announced that it has closed its review of the International Group's claims-sharing and reinsurance arrangements
China SPROs Update IG FAQ
23/12/2011
The International Group (IG) has liaised further with the China MSA, and with various ship pollution response organisations (SPROs), Shipowners and other interested parties in order to clarify a number of issues and to work towards ensuring, so far as possible, that there are suitable contractual arrangements in place to permit Members to be able to comply with the Regulations as easily and efficiently as possible.
MSRC's amendment to its service agreement includes a "dispersant addendum". This addendum introduced liabilities on the vessel owner which fell outside the scope of club cover.
The Inter-Club New York Produce Exchange Agreement, generally referred to as the Inter-Club Agreement (ICA), has provided a relatively simple mechanism for swiftly and fairly apportioning liability for cargo claims arising under New York Produce Exchange Form (NYPE) or Asbatime charter parties