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You are here: Home → Archive → 2009 → Jan → 29 → Owners face reinsurance hike despite drop in ship casualties

Owners face reinsurance hike despite drop in ship casualties

by Obsidian — last modified Jan 29, 2009 12:00 AM

Shipowners face extra contributions to their mutual fund covering large-scale vessel casualty claims, despite a dramatic fall in major losses at sea in 2008.

International Group of Protection and Indemnity Clubs executive officer Andrew Bardot said that the shipping market downturn could help ease pressure on ship operations and the increased claims in previous years.

There has been a favourable improvement in large scale...

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