We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
Tuesday, 03 October 17
ALLIED MARKET ANALYSIS
It seems as though the future of the oil trade was once again put into the spotlight, as the Asia Pacific Petroleum Conference took place last week ...
Friday, 29 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FIFTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ...
Thursday, 28 September 17
SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
The hot market seen the last weeks in the Pacific has softened as the Golden week holiday in China approaches and the October shipments ...
Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
The ‘unreasonable’ cost of casualty repairs: Association of Average Adjusters chairman details claims dilemma ...
|
|
|
Showing 1926 to 1930 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Deloitte Consulting - India
|
| |
| |
|
