At its meeting on October 9th 2003 the Board of Directors decided on its policy with regard to premium and deductibles for the policy year February 20th 2004 to February 20th 2005.
General Increase
All premiums are subject to a 15 % general increase. The premium for 2004/2005 is depending on claims records, exposure and utilisation of the service provided by the Association.
Premiums
All premiums are quoted in US Dollars (USD) (unless otherwise agreed) and are debited as advance and supplementary calls. It is anticipated that this policy year will be closed in the year 2007. The Board decided that the premium shall be debited in four instalments: at inception, February 20th, May 20th, August 20th and November 20th. There is a minimum premium of three months.
Supplementary call
The supplementary call for this year will initially be decided upon in 2005. The current estimated supplementary call for 2004/2005 is 0 %.
Release call
The release call for 2004/2005 is predicted to be 25 %.
Payment of premium
Premiums are to be paid in accordance with the enclosed “Procedures for Payment of Premium“.
Renewals
The premium for 2004/2005 will be based on the Member’s record for the five year period 1998-2002, including current year if adverse. Records and claims summaries are now available through the Swedish Club extranet, SCOL. The information is updated overnight.
Deductibles/Excess
There is no deductible for the FD&D cover. The Association, however, does not cover disputes involving amounts of USD 7,396 or less, although advice is available on a case-by-case basis.
Lay-up returns
Lay-up returns are not granted for FD&D cover.
Limit of Cover
The Association offers unlimited cover for Owners’ entries. (See also Rules 5 and 6 in respect of Discretion of the Association)
Old Years
The current position on the old years is as follows:
|
Year
|
Status
|
Estimated Additional Call
|
Release Call
|
| 2000/2001 and earlier | Closed |
–
|
–
|
| 2001/2002 | Open |
0 %
|
5 %
|
| 2002/2003 | Open |
0 %
|
25 %
|
| 2003/2004 | Open |
0 %
|
25 %
|
| 2004/2005 | Open |
0 %
|
(25 %)
|
Special Cover
The Association may cover newbuilding and conversion risks at special limited conditions.
Charterers’ FD&D Cover
Premiums
The premium for Charterers’ FD&D is fixed and thus not subject to any supplementary calls. There is a minimum premium of six months.
Payment of premium
Premiums are to be paid in accordance with the enclosed “Procedures for Payment of Premium“.
Renewals
The premium for 2004/2005 will be based on the Member’s record for the five year period 1998-2002, including current year if adverse.
Deductibles/Excess
There is no deductible for the FD&D cover. The Association, however, does not cover disputes involving amounts of USD 7,396 or less, although advice is available on a case-by-case basis.
Limit of Cover
The Association’s cover is limited to USD 400,000. (See also Rules 5 and 6 in respect of Discretion of the Association)
Yours sincerely,The Swedish ClubFrans Malmros