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Tuesday, April 24, 2018

EXCESS WAR P&I RISKS COVER PROVIDED BY P&I CLUBS – WARNING - MEMBERS ADVISED TO SEEK CLARIFICATION FROM THEIR OWN P&I CLUB

The International Group P&I Clubs have for the last 15 years or so provided war P&I cover. Initially the amount of cover available was USD 50 million and it was intended to be an excess cover over and above an owner’s primary level of cover.

The International Group P&I Clubs have for the last 15 years or so provided war P&I cover. Initially the amount of cover available was USD 50 million and it was intended to be an excess cover over and above an owner's primary level of cover. The amount of cover currently available is USD 100 million and this cover has been available to members without any additional premium. However Club rules vary as to whether the member has to make a declaration that such cover is required. Accordingly, members are strongly advised to contact their Club and ensure that such cover is in place. Also members are referred to the recent Club circular on this issue.

 

Contact: Svein Ringbakken with queries concerning this issue or war risks cover generally mailto:LegalandDocumentary@intertanko.com