18 February 2025 To all Members Class 3 – Protection & Indemnity General Renewal Update – 2025/26 This Bulletin applies equally for Members of The Britannia Steam Ship Insurance Association Limited (Britannia (UK)) and The Britannia Steam Ship Insurance Association Europe (Britannia Europe), together the Associations. [Reference to Associations shall mean both or one of the Associations as applicable.] 1. International Group Reinsurance The key elements of the International Group reinsurance programme remain unchanged as follows: • Club Retention - USD10 million • Pool Retention - USD90 million excess of USD10 million • General Excess Loss Cover - USD2 billion excess of USD100 million • Collective Overspill Cover - USD1 billion excess of USD2.1 billion The Main General Excess of Loss placement remains unchanged with free and unlimited coverage for all risks except: • Malicious Cyber • COVID • Pandemic For Malicious Cyber, Covid and Pandemic risks there continues to be free and unlimited cover for claims up to USD650 million excess of USD100 million. Excess of USD750 million there is now aggregated cover of USD2.1bn under two separate towers, one for Covid and Pandemic risks and the other for Malicious Cyber risks. Excess of that aggregated cover the Group Clubs will continue to pool any reinsurance shortfall, resulting in no material change to Members’ cover. The result of the renewal for all ship categories and the rates for 2025/26, inclusive of the excess war risks cover referred to below, are as follows: • Persistent oil tankers - USD0.6258 per GT • Clean tankers - USD0.4337 per GT • Dry cargo ships - USD0.6054 per GT • Fully cellular container ships (FCC) - USD0.8903 per GT • Passenger ships - USD3.4390 per GT 2. Affiliated Charterers Members who wish to have an affiliated charterer included under an owner’s entry must be able to show that: i. both the insured owner and the charterer are under common ownership; or ii. the insured owner or the charterer respectively either owns at least 50% of the shares in, and voting rights of, the other or owns a minority of the shares in the other and can procure that it is managed and operated in accordance with its wishes. Those companies qualifying will continue to be provided with a limit of USD500 million in the aggregate any one ship any one event. 3. P&I War Risks Cover for excess war and terrorism risks will continue to be provided for the 2025/26 policy year. The cover is only to pay claims in excess of amounts recoverable under the ship’s or crew war risks P&I policies, subject to a minimum excess of the proper value of the entered ship or USD500 million, whichever is the lesser. (This condition does not apply, however, where the ship is solely entered in the name of the charterer other than a charterer by demise or bareboat charterer i.e. time/voyage chartered entries.) The limit under the cover will be USD500 million any one ship any one event, or such lesser amount as may be agreed with the Managers. For the avoidance of doubt, where Members have chosen to effect primary war risks insurance in excess of the proper value of the entered ship, this cover will pay claims in excess of amounts recoverable under all P&I war risks insurances. However, due to the ongoing active war between Russia and Ukraine the amendment to the level of cover available for vessels operating in Russian and certain other Belarusian and Ukrainian waters due to the current conflict has been maintained. For vess