PREMIUMS

Premiums are negotiated for individual ships before an annual renewal on 1 July and are based on a variety of factors including the type, age, role and claims history of the vessel as well as the entering Members.

MSMI premiums are calculated and set at a level calculated to enable the Club to achieve a break even underwriting result, which means covering all likely claims, reinsurance and overhead costs. MSMI has an excellent track record in this respect and has never made any form of additional supplementary or unforecast call. MSMI has however been able to maintain a strong free reserve position throughout its history, whilst on occasions returning money to the Members.

Premiums are invoiced in stages during the year on an instalment basis. For further information, please contact a member of our underwriting team.

The Board of Member Directors reviews the Club's finances at each of their meetings.