1995 P&I Highlights

A number of major issues have been under discussion during the last twelve months, not the least of which is the future of the International Group of Clubs. This article is based upon the HSBC Gibbs Limited annual study of the P&I Clubs, and offers some perspective on what has occurred.

One year ago, the most important topic was the provision of Certificates of Financial Responsibility (COFR) for vessels trading to the United States of America. Since then, two commercial guarantee organizations have become operational: Firstline and Shoreline. The Firstline scheme, under which Stockton Re provides the guarantees, is a fixed premium entity. This means that owners have no liability for supplementary calls. Shoreline is a mutual insurance company, but it has minimized the possibility of supplementary calls being made by purchasing reinsurances in the commercial market.

This is only an excerpt of 1995 P&I Highlights

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