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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Showing 31 to 35 news of total 6846 |
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- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
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