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CIRCULAR REF 2011/005
CIRCULATED TO ALL MEMBERS, BROKERS & DIRECTORS
We are pleased to announce that following careful and detailed consideration, the Board of Directors of the Club have recently decided that North of England (North) will commence a new Hull & Machinery (H&M) class from the 1st July, 2011.
It has been one of the publicly stated strategic aims of the Club for a number of years, to expand its product range to Members, adding to the very successful P&I, FD&D, War and Non Poolable covers that it offers today. As many Members will be aware North, through its Managers, North Insurance Management Limited (NIML), has for many years provided management services to a mutual Hull Club, Marine Shipping Mutual Insurance Company Limited (MSMI). With effect from 30th June 2011, MSMI has decided to cease underwriting, and the Board of Directors of MSMI have encouraged North to consider the establishment of its own H&M Class.
The new H&M class will be a fixed premium product, writing on a conventional subscription basis, and will be a significantly different model to MSMI, however it will offer the same level of Club style service, and it is anticipated that this new venture will be successful in attracting both existing MSMI Members and also new Members from the North to join.
The structure of the product will be finalised in the next few weeks leading up to the July commencement date, and we will of course provide Members with full details. In the meantime we attach an initial set of Frequently Asked Questions (FAQ’s) which provide some further background information, any additional questions or enquiries should be directed to one of the Club’s underwriting team.
This is an exciting development for North and its Members, supported by the Club’s strong financial position, and its reputation for high quality service as well as existing management experience in operating H&M insurance. The Directors are confident that this development will further enhance the Club’s financial position and strengthen service to the membership.
AA WILSON & PA JENNINGS
JOINT MANAGING DIRECTORS – North Insurance Management Limited
As Managers on behalf of the North of England P&I Association Limited
