Britannia seeks 2.5% increase

A 2.5% general increase is to be sought by the Britannia Steam Ship Insurance Association at the February 2016 renewal of protection and indemnity cover.

20 October 2015 17:38 GMT Updated 20 October 2015 18:09 GMT

By Jim Mulrenan

But the club is balancing the increase by deciding to forgive a further 2.5% of the deferred call for the year to February 2015.

There had already been a decision to waive 5% of the deferred call, so a total of 7.5% or $13m of premium will not be collected on the last policy year, lifting the total waived over recent years to $44m.

The