UK Defence Club announces second year of 0% general increase and decreased premiums for members
, the leading provider of FD&D (legal costs) insurance to the maritime industry, announces a 0% general increase in premiums for the 2016 policy year, the second consecutive zero premium increase, reflecting the continued financial strength of the Club.
The Club will also continue its Continuity Credits loyalty scheme, rewarding Members at three levels with premium reductions. Members will receive discounts of 2.5%, 5% and 7.5% for one, three and five years of Membership respectively, plus an additional 1.5% for those Members with their full fleet entered with the Club. To be eligible for the Continuity Credit, Members have to have an entry with the mutual for a minimum of one policy year.
Daniel Evans, Club Manager of the UK Defence Club, says: "The events of the last year have been dominated by matters relating to OW Bunkers and in particular the on-going RES COGITANS dispute."
"If leave is granted to hear the case in the Supreme Court, we will maintain our fundamental belief that owners should not be exposed to paying twice for the same bunker stem. The outcome of this case has profound implications not only for the maritime industry but also many other industries."
"Against this background, the Board is cognisant of its duty to protect Members and utilise the financial strength of the Club to support them, notwithstanding an uncertain claims environment. The Club has managed its financial position and this allows us to use Continuity Credits to reward our Members' on-going commitment."
"Membership is increasing as shipowners and operators buy FD&D recognising the significant costs involved with litigation and the value and security FD&D insurance provides. "
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For further details, please contact:
Roland Cross / Gareth David
+44 (0) 20 3697 4200
Notes to editorsUK Defence Club
The UK Defence Club provides cover to shipowners and operators for legal and other costs incurred in relation to disputes that are uninsured. The largest defence club in the world with over 138 million GRT owned tonnage plus a sizeable book of chartered business, the Club has an illustrious heritage, having been involved in many of the leading cases affecting the maritime industry over the last 127 years.
About Thomas Miller
Thomas Miller is an independent and international provider of insurance, professional and investment services.
Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.
Principal activities include:
- Management services for transport and professional indemnity insurance mutuals
- Investment management for institutions and private clients
- Professional services
- Building defects insurance