06 OCT 2009
Highlights of the committee meeting held in Monte Carlo on 27th October 1997
The Gard Committee Autumn meeting was held at the LHermitage Hotel in Monte Carlo. We report below on some of the items of interest discussed at the meeting.
NO GENERAL INCREASE
The Committee decided that there should be no general increase in the premium for owners and charterers entries for the 1998 policy year.
CLOSING OF THE 1994 POLICY YEAR OPEN POLICY YEARS
The Committee closed the 1994 policy year without levying any further contribution. The Committee did not anticipate any further contributions for the 1995 and 1996 policy years. The Committee noted that the first six months of the 1997 policy year had seen a decrease in the reported liabilities compared with the 1996 figures, although the number of reported claims had shown a slight increase. The estimated contribution for the 1998 policy year was set at 30 per cent of the advance premium.
The Committee resolved that the release contribution should be as follows:
1995 5 per cent
1996 5 per cent
1997 55 per cent
1998 55 per cent
The Committee noted that the total funds of Assuranceforeningen Gard, Gard P&I (Bermuda) Limited amounted to USD 646 million.
The Committee re-elected Mr Erik F. Johnsen of Central Gulf Lines Inc., New Orleans as Chairman and elected Mr Leif Terje Løddesøl of Wilh. Wilhelmsen ASA, Oslo as Deputy Chairman of the Committee.