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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Wednesday, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
Friday, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
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Showing 2006 to 2010 news of total 6871 |
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- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Indika Energy - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- The University of Queensland
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