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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Thursday, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
It has been reported that China will cancel roughly one third of its iron ore mining licenses, says Commodore Research & Consultancy in its lat ...
Tuesday, 26 September 17
REDUCING THE RISK OF LIQUEFACTION - IUMI
KNOWLEDGE TO ELEVATE
Liquefaction is a phenomenon that can take place in granular materials, such as soil or fine ore, where the beh ...
Tuesday, 26 September 17
THE CURRENT HIGHS IN THE DRY BULK FREIGHT MARKET WILL SURELY BE SURPASSED AND BY A CONSIDERABLE MARGIN IN THE NEXT YEAR OR SO - GEORGE LAZARIDIS
The Dry Bulk market con!nues to show a strong face amidst the favorable tail winds being seen, which have helped the Bal!c Dry Index inch above the ...
Monday, 25 September 17
CHOICES FOR SHIPPING AS 2020 APPROACHES? - CLARKSONS
Historically, the fuel of choice for the vast majority of large cargo ships has been heavy fuel oil. But in 2020, sulphur oxide emissions will be c ...
Monday, 25 September 17
THE FREIGHT MARKET ROSE IN ALL SEGMENTS EXCEPT PANAMAX WEEK OVER WEEK
COALspot.com: The freight market rose in all segments except Panamax week over week. Mainly Cape has supported to boosted up BDI this past week, BD ...
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Showing 1931 to 1935 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
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