Standard Club: Review of open policy years
In the recent renewal, 93% of the membership renewed their Strike & Delay cover, with an overall increase of 6.5% on expiring rates achieved through a combination of premium uplift and adjustment of terms. Despite the notable challenges caused by the COVID-19 pandemic, the class attracted new owners and members throughout 2020 and added more at the start of the 2021/22 year. The Class now has more than 2,000 ships are on risk.
At the class committee meeting on 6 May 2021, the committee reviewed open policy years and financial year accounts. The audited class result for the 2020/21 financial year is an overall surplus of $0.7m. Owners/members are asked to budget for each policy year as follows: