P&I CLUBS LOWER INSURANCE PREMIUMS
The International Group of Protection and Indemnity clubs said that it
will lower tanker and dry cargo ships’ premiums on Feb. 20, 2000.
The fall in premiums for tankers and dry cargo vessels will be for the
fifth year in succession, the P&I clubs said.
The International Group of P&I clubs’ reinsurance contracts have been
fixed for a two-year period at the same premium.
The clubs will also raise their oil pollution cover limit from $500
million to $1 billion.