Extra $1bn excess of loss capacity for P&I Clubs

According to a report in Lloyd’s List, an extra $1bn of cover may be added to the excess of loss policy of the International Group of P&I Clubs, the world’s largest reinsurance contract, in February 2007. The newspaper said that the huge expansion of the $2bn programme is under discussion by shipowner boards of the 13 clubs and is expected to secure the required majority approval.