Tuesday, 1st December 2015
The role of the Group
Claims pooling and reinsurance
One of the main roles of the Group is co-ordinating the operation and regulation of the clubs’ claim-sharing agreement (the Pooling Agreement). All qualifying claims in excess of $10 million are shared between clubs in accordance with the terms of the Pooling Agreement. Much of the Group's work involves defining and refining the scope of cover for pool claims, and the rules and guidelines under which claims are shared.
This claim-sharing agreement is underpinned by a very extensive, annually renewed, market reinsurance programme which is more fully described under the Reinsurance section.
Exchange of information
The Group provides a unique and invaluable forum for sharing information on matters of concern to clubs and their members. These include general issues such as oil pollution and personal injury as well as current issues such as sanctions, maritime security, places of refuge for ships in distress, and the carriage of particular cargoes amongst others.
Through this forum, the Group Clubs are able to exchange ideas and information, and to explore and develop practical solutions for shipowners insurance needs and requirements.
The Group provides an effective voice for the members of the individual clubs to speak collectively on important industry issues, for example on international conventions and legislation and regulation affecting shipowners’ liabilities and related insurance matters. It carries out this function in relation to, and liaises with:
- inter-governmental bodies such as IMO, IOPC Funds, UNCITRAL and OECD
- national governments and the EU
- other industry organisations such as ICS, BIMCO, Intertanko, Intercargo, OCIMF, IUMI, IUA, LMA, amongst others.