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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Tuesday, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
Friday, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Stan ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
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Showing 1901 to 1905 news of total 6871 |
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- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Australian Coal Association
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- The University of Queensland
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
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