Liability Risk and Insurance
UK P&I Club in new excess of loss clause
The UK P&I Club is reported by
Lloyd’s List to have taken advantage of a five-year review of its 10-year reinsurance deal with
Swiss Re to insert a new excess of loss clause for claims that exceed $500,000 per instance. The P&I Club reported a net post-tax
loss of $13mn on the 12 months to February, compared with a $40mn profit the year before.