CIRCULAR REF: 2019/002 CIRCULATED TO ALL MEMBERS, BROKERS AND DIRECTORS
Following consultation with the Members Board, the changes to the Rules of the P&I, FD&D and War Risks Classes detailed in the attachment to this Circular, were approved at the Meeting of the Board of Directors on Wednesday 16 January 2019 and will be effective from noon GMT on 20 February 2019.
The amended Rule Books will be available on North’s website from 20 February 2019 and will apply to business written by North and its newly established subsidiary in Ireland, North of England P&I DAC.
Should any Member wish to discuss issues arising out of these amendments, they should contact their Underwriter.
North of England P&I DAC has been established as part of the North Group’s Brexit contingency plan in advance of the termination of the United Kingdom’s membership of the European Union.
The company was authorised as a non-life insurance company by the Central Bank of Ireland on 31 December 2018 and will underwrite all of the North Group’s future EEA insurance business with effect from 20 February 2019. Future non-EEA business will continue to be underwritten by North and its subsidiary Sunderland Marine Insurance Company Limited.
North of England P&I DAC has secured an ‘A’ Stable rating from S&P and is a member of the International Group of P&I Clubs.
The attached FAQ has been prepared to inform North’s Members and policyholders about the impact of Brexit upon their contractual relationship with North and the services that North provides to them.
For further information please contact your underwriter or Chris Owen, North’s Group General Counsel at email@example.com
CHIEF EXECUTIVE / EXECUTIVE DIRECTOR
The North of England P&I Association Limited