Reinsurance News

Gard renews P&I reinsurance for 2019 through the International Group

14th January 2019 - Author: Matt Sheehan

Gard, a shipowner-controlled protection and indemnity (P&I) marine and energy insurer, has outlined the terms of its 2019 reinsurance program, which it arranged through the International Group of P&I Clubs (IGP&I).

Marine shipping reinsuranceThe structure of the cover reinsured through the pool includes club retention of $10 million, general excess loss cover of $2 billion (in excess of $100 million), and common overspill protection of $1 billion.

It also includes pool retention of $90 million (in excess of $10 million) in two layers, consisting of lower pool retention of $40 million (in excess of $10 million) and upper pool retention (in excess of $50 million).

Gard explained that the owners’ P&I cover reinsured through the pool is subject to special limits of $1 billion for oil pollution, $3 billion for passenger and seamen combined, and $2 billion for passenger (sub-limit).

The program also provides for special P&I war risks cover, with the limit of insurance remaining at $500 million for any one event on each ship.

AmericanAg - Global Reinsurance Solutions

The war risks cover continues to include liabilities arising from terrorism, but excludes events related to chemical, biological, biochemical and electromagnetic weapons.

IGP&I recently announced that it had renewed its $3.1 billion reinsurance program for the 2019/20 year with rate reductions across all of its vessel categories.

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