Standard Club has announced a nil general increase for the 2020/21 policy year for its London Class. The London Class specialises in insuring European inland waterways, harbour and coastal operators for their P&I and related liabilities, up to about 10,000 gt.
Standard Club had previously announced a general 7,5% increase for all classes.
The Club said that it had reviewed the Class’s financial position, the open policy years, and the requirements for the 2020 renewal at its meeting on November 19th. Release calls for the open policy years will remain at nil and no supplementary calls are expected on any open year.
Members with satisfactory records and risk profiles will be offered renewal on an as expiring basis inclusive of reinsurance costs. A nil release call will be set, “which reflects the Class’s continuing sound financial position”.
The will be no general increase, although accounts with adverse records or unacceptable risk profiles will, as usual, be subject to individual negotiation.