The board of directors of the mutual associations in the Gard group has decided to levy an average 4 per cent premium increase on the estimated total call for the 2027 renewal.

Agreeing to the premium for the 2027 policy year at its recent meetings, the board also noted that the Gard group continues to be well capitalised with an A+ (stable outlook) rating by Standard and Poor’s; the highest of any protection and indemnity club in the International Group of P&I Clubs.

In light of the strong capital situation, the board agreed to a 10 per cent owners’ general discount on an estimated total call basis for vessels renewed by members with Gard for the 2027 policy year.

Gard is one of the 12 principal International Group P&I clubs, operating through the Gard P&I (Bermuda) Ltd structure with the mutual association listed as Assuranceforeningen Gard — Gjensidig.

Alongside core P&I liabilities, Gard also offers defence cover for legal and other costs incurred in pursuing or defending claims.

A Gard statement said: “The board expressed satisfaction with the development of the association as the mutual P&I portfolio is currently offered at competitive pricing levels.

“However, with the projected development of the Mutual P&I product, the board noted that there is a need to ensure that the association maintains the mutual P&I portfolio with only a small estimated loss.

“Premium adjustments will therefore have to be applied to maintain relative stability in the portfolio going forward.”

As in previous years, underwriters will also make individual assessments based on price levels and loss records.

The board also approved that the 2023 policy year shall be closed with no supplementary call being levied. And as for policy years 2024 and 2025, they were underwritten with a 10 per cent owners’ general discount on the estimated total calls with no supplementary calls.

The 2026 year was also underwritten with a 10 per cent owners’ general discount on the ETC.