The International Group Agreement
The claims-sharing mechanism provided by the Pooling Agreement and the very
high limits of cover provided by Group clubs pursuant to the Pooling
Agreement are underpinned by the International Group Agreement (IGA). The
IGA, last revised in 2008, is an essential element in ensuring mutual cooperation between the clubs in the operation of the Pooling Agreement.
The IGA:
- regulates the manner in which clubs can accept entries from shipowners
who wish to move their insurance from one club to another.
- specifies how clubs may quote rates and the information which they should obtain from each other before quoting premium rates.
- provides sanctions for failure to follow the terms of the IGA.
- contains a requirement for clubs to disclose in their annual financial statements a ratio relating to their expenses, the Average Expense Ratio.
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