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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
Wednesday, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
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Showing 1886 to 1890 news of total 6871 |
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- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Wilmar Investment Holdings
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
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