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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
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Showing 1896 to 1900 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
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