The London P&I Club has announced a general increase in rates of 7.5% for policy year 2020/21. It said that, as part of the renewal process, individual Member deductible levels would also be reviewed, but made no announcement as to a general increase in deductibles.
The Club said that it was in secure financial shape and had seen further growth in its membership and revenues, as well as strong investment performance during H1 of the current policy year, although no exact numbers were supplied..
The Release Call rate is set at 15% of the Annual Call.
The H1 claims experience in the current policy year was in line with recent prior policy year comparators. The Club said that an increase in claims activity might be expected following the imminent implementation of the IMO 2020 regulations. The Board set a general increase in rates of 7.5%.https://www.londonpandi.com/Media/2502/g-circs-class-8-pdf-8114-plus-5574.pdf