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Highlights from the Committee meeting held in Paris on 23rd October 1995

This autumn’s meeting was held in Paris at the Hotel Le Bristol.We report on some of the items of interest discussed at the Committee meeting.

Chairman and Deputy Chairman
The Committee elected Mr Erik F. Johnsen as Chairman and Ms Jane Hinckley as Deputy Chairman.

Funds
The Committee noted that the total funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited amounted to USD 565 million with investments stated at valuation.

Five per cent general increase in 1995
The Committee resolved that there would be a five per cent general increase in advance premiums for the 1995 policy year.Furthermore the Committee resolved that the forecasted contribution be set at 30 per cent of the net advance premium.There would be no general increase as regards premium rating for charterers' entries and for mobile offshore units.The Committee further resolved that there would be no change in the standard deductibles for the 1995 policy year.

No further contribution for the 1992 policy year
The Committee closed the 1992 policy year without levying any further contribution.

Release calls
The Committee resolved that the Association’s release calls should be the following:
1993 5 per cent
19945 per cent
199555 per cent
199655 per cent

Limitation of Club Cover
The Committee resolved that the Association should support the proposal for limitation of the individual member’s liability for catastrophe contribution on the condition that at least 10 clubs in the International Group representing 85 per cent of the tonnage covered under the existing Pooling Agreement support the proposal.In the event a sufficient number of clubs voted for the International Group compromise on limitation.This compromise only relates to non-oil pollution claims.Currently there is no limit for such claims.These claims will now be limited albeit to a very high sum (approximately USD 20 billion).