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Highlights of the held in Madrid on 26th October 1998
The Gard Committee Autumn meeting was held at the Palace Hotel in Madrid. We report below on some of the items of interest discussed at the meeting.
The Prado Museum, Madrid

Renewal of the EC Commission's approval of the IGA
The Committee decided to approve the proposed amendments to the International Group Agreement 1985 (IGA) as recommended by the Executive Committee and the Group Clubs' Managers.

No general increase
The Committee decided that there should be no general increase in the premium for owner's and charterer's entries for the 1999 policy year. Furthermore, the estimated contribution for the 1999 policy year was reduced from 30 per cent to 25 per cent of the advance premium. The net result of this reduction in the estimated contribution is a reduction of some 3.85 per cent in the ETC premium for owner's entries in the 1999 policy year.

Closing of the 1995 policy year - Open policy years
The Committee closed the 1995 policy year without levying any further contribution. The Committee did not anticipate any contributions for the 1996 and 1997 policy years. The Committee noted that the first six months of the 1998 policy year had seen an increase in the reported liabilities compared with the 1997 figures. There had also been a slight increase in the number of reported claims.

Release contributions
The Committee resolved that the release contribution should be as follows:
1996 5 per cent
1997 5 per cent
1998 55 per cent
1999 50 per cent

Funds
The Committee noted that the total funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited amounted to USD 679 million with investments stated at valuation.

The 20th February 1999 renewal ISM Code compliance
The Committee decided that the period of insurance of a Ship should not be renewed as at 20th February 1999 unless the Ship has valid ISM Code certificates as required by the state of the Ship's flag.

Elections
The Committee elected Mr Leif Terje Løddesøl of Wilh. Wilhelmsen ASA, Oslo as its new Chairman. Mr Stephen Pan of World-Wide Shipping Agency (S) Pte. Ltd., Singapore was elected as new Deputy Chairman of the Committee.

 


Gard News is published quarterly by Assuranceforeningen Gard, Arendal Norway.