The Club is a member of the International Group of P&I Clubs which represents over 90% of the world’s ocean-going tonnage. Group members participate in common reinsurance programmes and share larger claims. The International Group provides a voice for vessel owners’ views on legislation, conventions and regulations that impact upon their operation.
As a mutual association, the Club is owned and governed by its Members. Members share risk and operate on a non profit-making basis. The board of directors is drawn from the membership. Underwriting, claims and loss prevention services are provided by the Managers of the Club.
We have a wide spread of Members across a range of vessel types, operating sectors and geographical areas. This brings stability to the Club. Insurance is made available to the following vessels types: barge, cargo, dive, fishing, harbour, offshore, passenger/tour boat, tanker and yacht. Building on over 160 years of experience, the Shipowners’ Club works closely with Members and their brokers to provide tailor-made insurance packages for each operator according to their particular need.
The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2019. The Club recorded a combined ratio of 105.9%, which was broadly in line with expectations. The overall gain on the portfolio for the first half of 2019 stood at US$ 32.8m.
English law allows for several different forums to resolve disputes, as an alternative to litigation in court. Given the costs and resource requirements of court proceedings in England and Wales, these Alternative Dispute Resolution (“ADR”) methods are now actively encouraged by the courts.
LONDON, 4 NOVEMBER 2019 – After concerning reports earlier in the year, the latest Seafarers Happiness Index report has shown a marked improvement in happiness levels amongst seafarers across all sectors of the industry.
The index, undertaken by The Mission to Seafarers and supported by the Club, is a gauge for measuring the feelings and experiences of seafarers across the global maritime industry.
Some charterers propose amendments to standard form knock for knock clauses in offshore contracts, which weaken the indemnity regime. Such changes can appear to be a gain for the charterer, but frequently little if any real benefit is achieved. These amendments can come at great cost in terms of delays in obtaining contract approvals and greater expense, inefficiency and lower limits in the insurance framework.
At the 2019 half year point, the Club reported a Combined Ratio of 105.9%, with an underwriting deficit of US$ 5.7m. This represented a deficit higher than budgeted, which was determined to be largely the result of the increased quantum of claims in both 2018 and 2019 when compared with 2016 and 2017.
The European Union (EU) Ship Recycling Regulation (SRR) comes into effect from the 31 December 2020. The new regulation aims to reduce the negative impact that ship recycling has on the environment and the health of workers. This is to be achieved through the prohibition and restriction of the installation of hazardous materials on ships, with existing hazardous materials being listed in a dedicated inventory.