Dsg Marine Asks Shipowners To Consider Fixed Premium P&I Cover
DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover.
DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility. Attended by delegates from across India’s shipping community, the seminar examined a range of shipping-related legal and insurance issues, including the challenges of handling owners and charterers claims, charterers liability, the distinctions between P&I and Hull & Machinery cover, and managing disputes in commercial contacts.
Among the speakers was Captain Nigel Moniz, Divisional Director for DGS Marine, who presented on the merits of fixed premium P&I cover as an alternative to the mutual model offered by the IG Clubs. As Captain Moniz explained, the growing popularity of fixed premium cover has been largely driven by smaller and medium-sized ship owners seeking greater certainty and control over their insurance costs.
“As opposed to the retrospective premium calls and high release calls imposed under the mutual model, fixed premium P&I cover gives shipowners the cost control and transparency that they require for all aspects of their operational expenditure, including their insurance costs,” Moniz said. “Fixed premium cover gives owners complete certainty of their costs, combined with renewals that are based on their individual claim records and no release calls.”
The Seminar was hosted by Captain Kavinit Uberoi, Mumbai Office Director for DGS Marine. A Master Mariner, with 16 years of experience at sea, serving on bulk carriers, crude tankers and chemical tankers, Captain Uberoi is also a certified ISO and ISM Auditor.
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