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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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, 08 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
Thursday, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
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Thursday, 07 September 17
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Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
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Showing 1951 to 1955 news of total 6871 |
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- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
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