We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
|
|
|
Showing 1856 to 1860 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Planning Commission, India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
|
| |
| |
|
