The American Club is imposing a levy on its members in a move to reduce the deficits it has from the open years 2000, 2001, and 2002.
It said the additional calls for those years, being 40%, 35% and 30% respectively, will create overshoots pf originally estimated total premium for each year at closure of 72%, 28% and 21% respectively.
Joe Hughes, chairman and chief executive of club managers Shipowners Claims Bureau, said the move was necessary due to the continuing weakness of the US dollar and unexpected claims deterioration in earlier years.
He added: “The club is acutely aware that levying unbudgeted supplementary calls is about as unpopular a step as it is possible to take in the P&I world, but it is firmly of the view that it is in the best interests of all members going forward and will be seen, in retrospect, to have been a decision sensibly taken to promote a thoroughly sound financial future.”
The announcement came at the club's AGM where chairman Paul Sa announced strong growth during 2003.
It said the year represented the eighth consecutive period of new business development with both tonnage and premium levels hitting new peaks.
