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The EU ETS is limited by a 'cap' on the number of emission allowances. Within the cap, companies receive or buy emission allowances, which they can trade as needed. The cap decreases every year, ensuring that total emissions fall.
Each allowance gives the holder the right to emit:
There are a number of great resources on the regulatory and practical aspects of the system – none better than the EU’s own:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02003L0087-20230605
https://climate.ec.europa.eu/eu-action/transport/reducing-emissions-shipping-sector_en
https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets/what-eu-ets_en
Dear Sir/Madam,
Further to our following circular on 20th November, please note more clubs have now announced their policies for 2015/16 year. So we issue hereby a third general circular displaying all of those announced so far. Recent announcement are from Skuld, American Club, London Club, Standard Europe London Class and UK Defence Club. All of the circulars are attached for a detailed review.
Please also note that in our following table we sent previously, we erroneously mentioned the rise for North of England as 4.5% which should more correctly read as 4.75%.
Degerli Müsterimiz, Sayin Ilgili,
Uluslararasi Grup Kluplerinin yeni poliçe yili için belirledigi stratejiler asagidaki tablomuzda genel hatlari ile özetlenmeye çalisilmistir. Ayrica Kluplerin münferit sirküleri daha fazla detayli bilgi için ekte yer almaktadir.
Önceki yillarda oldugu gibi “group excess reinsurance” programindaki bir onceki yila gore olusan masraf farkinin yeni dönem icin anlasilan primlere ilave edilmesi planlanmistir. (Bu uygulamanin istisnai oldugu klup/ler için tabloya bakiniz.) Reasurans anlasmasi henuz belli olmamis olup üyelerin hasar performansina gore ilave prim ve/veya muafiyet artis uygulamasi olabilir.
Kluplerin sirkülerlerine bakildiginda bu sene genel prim artislarinin tek haneli hatta bazi kluplerde hiç olmadigi seklinde ilimli bir tablo ortaya çikmaktadir. Bu genellikle asagida sebeplerden kaynaklanmaktadir.
- Yatirim gelirlerinin beklenen seviyelerde seyretmesi ve prim üretim / hasar oranlarinin genelde dengelenmis olmasi.
- 2013/14 yilinda havuz kluplerince paylasilan ve usd 9 milyonu asan hasarlarin sayisi (pool claims) 17 iken su ana kadar 2014 /15 yilina dair rapor edilen hasarlarin henüz 9 adet olmasi.
Diger kluplerin yeni döneme dair sirküleri yayinlandiginda ayrica iletecegiz.
Dear Sirs,
The following are 2015 / 16 policy year requirements by the International Group Clubs. For detailed information please see attached zip file in which individual circulars are kept.
It is planned that the agreed rates will further be adjusted to reflect any changes in the cost of the International Group Excess Loss Reinsurance Programme – which is not known at the moment. (Please see the table for any exceptions.) Further adjustments on premiums and/or deductibles may apply based on member's general performance.
Looked at all clubs’ circulars, following points surface as to reasons for the general increase of premiums and deductibles.
- moderate investment results and generally successful underwriting results,
- - 9 pool claims (claims exceeding $9 million club retention) so far in 2014/15 policy year compared to 17 (total value $302 million) in 2014/15.
We will further let you know announcements of other clubs once available.
2015 / 16
P&I
NOTES
American
+4.5%
Various deductible changes as per circular.
Britannia
+2.5%
Deductibles as expiry.
Gard
+2.5%
Deductibles below the standard deductibles for P&I in Rules Appendix V, para 2 to be increased with USD1,000 or up to standard deductible whichever the lowest.
Japan
London
+6%
Deductibles also to apply to correspondent/survey and legal fees and all deductibles below $15,000 to increase by $2,000.
North of England
+4.75%
Mandatory minimum premium rise is 2.5%. Deductibles: all crew and cargo deductibles below $25,000 will be increased by $2,000
Shipowners
0%
Deductibles as expiry and group reinsurance cost to be absorbed by Club
Skuld
No general increase but references made in circular to need for increase of premium for all members and furthermore members performance to be individually assessed. Also standard rules deductibles to increase by $2,500.
Standard Europe
+5%
Deductibles also to apply to correspondent/survey and legal fees and all deductibles to increase by 10%. Where a deductible is lower than $10,000 a mandatory increase of $1,000.
Standard Europe(London)
0%
Deductible as expiry
Steamship
0%
Deductibles as expiry
Swedish
UK P&I
+6.5%
Standard deductible will increase from USD 8,500 to USD 10,000 per event including fees and expenses.
West Of England
+2.5%
Deductibles to increase by 10% or $1,000 whichever higher subject to a maximum increase of $2,000.
2015 / 16
FDD
NOTES
American
+4.5
Various deductible changes as per circular
Britannia
0%
Deductibles as expiry.
Gard
+10%
Deductibles as expiry.
Japan
London
+6%
Deductibles as expiry.
North of England
+2.5%
Deductibles as expiry.
Shipowners'
0%
Deductibles as expiry.
Skuld
No general increase but references made in circular to need for increase of premium for all members and furthermore members performance to be individually assessed. Also standard rules deductibles to increase by $2,500.
Standard Europe
+5%
Deductibles as expiry.
Standard Europe (London)
0%
Deductibles as expiry.
Steamship
0%
Deductibles as expiry.
Swedish
UK Defence
0%
Further reductions to apply as per the membership periods
West of England
0%
Deductibles as expiry.
