INTERNATIONAL GROUP (IG) POOLING AND GXL REINSURANCE CONTRACT STRUCTURE FOR 2021
Published: December 22, 2020
In a year of unparalleled disruption, as a result of COVID-19, the IG’s pooling arrangements and the General Excess of Loss and Collective Overspill Programme (GXL programme) provide shipowners with a measure of stability and comfort as they plan and budget for 2021.
The main focus this year has been on the Group’s Collective Overspill layer which provides cover for claims of USD1 billion excess of USD2.1 billion. Importantly, the two year placement means that shipowners will not face any restrictions in cover for Covid-19 related claims. Further details are in the IG Press Release.