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The total insurance bill that
shipowners are expected to pay
during the new year is expected to
rise to record levels.
According to insurance sources the
increase would go up as high as 50
per cent or more - higher than
levels they paid in early 2002.
Premium rises at the latest renewals
of hull and machinery cover are
ranging from between 15 per cent and
30 per cent, according to sources in
the London market.
In February 2003, when most renewals
of protection and indemnity policies
fall due, most providers will insist
on hikes of between 15 per cent and
25 cent in the advance call.
On top of this, there will be a
supplement, which usually falls most
heavily on tanker owners, to reflect
the inevitably steeper cost of the
new reinsurance contract for the
International Group of P&I Clubs.
The contract is still being
negotiated and will replace a
three-year deal which expires in
February. |
