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Wednesday, July 18, 2018

P&I CLUBS ISSUE GENERAL NOTICE OF CANCELLATION OF WAR RISKS COVER

We have previously advised members that although all P&I Clubs of the International Group have provided members with USD 100m in war risks cover there have been differences and a lack of clarity as to whether a member was required to make a declaration and whether the cover was truly an excess cover. In order to clarify matters the members of the International Group of P&I Clubs have each issued a general notice of cancellation of the USD 100m war risk P&I cover. The notice period runs from 2400 hours GMT on 17 October 2001 and will expire at 2400 hours on 24 October 2001. Importantly cover will be automatically reinstated without, for the time being, payment of any additional premium on the basis that the cover provided is intended only to pay claims in excess of amounts recoverable under a member's underlying hull war risks policy attaching a P&I war risk inclusion clause or other war risk scheme.

For further information or clarification members should contact their P&I Club.