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Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
 KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of Club membership, which is typical within the mutual P&I environment, permits longer term investment and planning to be undertaken.
Estimating premiums doesn’t work as well in a commercial context because profits, arising from the underwriting performance, must be determined each year and consolidated with the insurers overall results and consequential dividends paid to shareholders. The commercial insurance environment is sometimes accused of lacking a sense of camaraderie within its named assureds. In contrast, a Member of a mutual P&I Club has a common interest in his fellow membership as they may be required to contribute to the claims of others despite possibly having made no claim themselves, or to come to the aid of fellow ship owners in the event of a catastrophe (overspill) claim.
Whilst these original principles of mutual membership are preserved, reinsurance programmes and the building up of reserves to meet outstanding liabilities generally means mutual P&I Clubs are adequately funded to meet the cost of claims without turning to their membership, as a whole, to contribute through an additional premium call.
Introducing release call
Despite the general continuity of membership there may be occasions when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal. The way in which each P&I Club handles this situation can differ depending on the Club’s calling structure. This highlights one of the important distinctions between commercial insurance and the mutual approach – the introduction of release calls.
Those Clubs that apply release calls describe them as a means of protecting the wider Club membership against the risk that, after a Member leaves, the policy year may deteriorate, exceeding the budgeted supplementary call amount and provoking an unbudgeted supplementary call to be made to the remaining Mutual members. The most common form of release call is a percentage amount that is loaded on top of the estimated supplementary call. For example, a Club may apply a release call of 10% whereas the supplementary call is set at 20% of the advance call. Consequently, upon leaving the Member would be required to pay a release call to the open policy year, of 30% of the advance call. The amount can vary depending on the status of each open year to the Club. Should premiums be collected in the format of an Estimated Total Call (ETC) the calculation of a release call may differ as the ETC technically includes the estimated supplementary call within its structure.
Release call percentages are reviewed regularly and generally reduce over time as the outcome of the open policy year becomes easier to determine.
It is important to stress that each Club adopts their own policy when it comes to release calls and in most situations, it remains possible to defer the payment of a release call by the placing of a bank guarantee from a first-class bank which would respond in the event that a supplementary call is levied for policy years in which the Member was entered.
Source: The Shipowners’ Club
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Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
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Showing 11 to 15 news of total 6846 |
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- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
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