Members' Records

CIRCULAR REF: 2009/024

CIRCULATED TO ALL MEMBERS, BROKERS AND DIRECTORS

In order to more accurately and transparently reflect the allocation of Member’s premium and therefore to demonstrate the adequacy of an individual Member’s contribution to the overall expenses of the Association, from 30 November 2009, Member’s Record reports will show net premium paid to the Club and will also separately reflect International Group reinsurance and pooling costs.

This will involve two separate allocations, firstly for International Group Reinsurance and secondly for the costs of the Association’s contributions to Pool claims through the International Group and Hydra.  At this time no individual allocations will be made in respect of the Club’s Reinsurance costs for retained claims, or in respect of the Club’s administration expenses.

It is anticipated that in making these changes Member’s records will more accurately reflect their individual performance taking into account not only their own claims experience, but also some of the contributions which are made on a mutual basis to the other expenses of the Club.

New style records will be available for download by Members and Brokers through North Online from 3 December 2009.

S S Rebair

Manager – North Insurance Management Limited

As Managers on behalf of the North of England P&I Association Limited