GI / SC Record
Owners’ P&I
The premium scheme until the 2022 policy year was Advance Call and Supplementary Call. The Association have changed it to the Mutual Premium system from the 2023 policy year. In either system, the Association may decide to levy Unbudgeted Supplementary Call or Additional Call upon all vessels entered during that Policy Year.
At the policy year renewal, the Association may decide to apply a general increase (in all classes of entries) taking into account the soundness of the Association’s income and expenditure.
General Increase / Supplementary Calls Record
| Policy Year | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 |
|---|---|---|---|---|---|
| General Increase | 7.5% | 3% | 3% | 0% | 0% |
| Supplementary Call | 40% | 40% | 40% | 40% | 40% |
| 20% | 30% | 30% | 40% | 40% | |
| Closed | Closed | Closed | Closed | Closed |
| Policy Year | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 |
|---|---|---|---|---|---|
| General Increase | 0% | 7.5% | 10% | 10% | 10% |
| Supplementary Call | 40% | 40% | 40% | 40% | ※10% |
| 40% | 40% | 40% | |||
| Closed | ※265% | ※265% |
Notes for Supplementary Call :
Top Line – Original Estimate
Middle Line – Amount Called
Bottom Line – Current Estimate
※1 The Association apply the new premium basis “Mutual Premium” system and abolish Supplementary Call from 2023.
※2 The Association will decide the Unbudgetted Supplementary Call of each year at the maximum of 25% of the Advance Call of the year in February 2023.