The London P&I Club is the trading name of The London Steam-Ship Owners' Mutual Insurance Association Limited and its subsidiary The London P&I Insurance Company (Europe) Limited. The London Steam-Ship Owners' Mutual Insurance Association Limited. Registered in England No 10341. Registered Office: 50 Leman Street, London, E1 8HQ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The London P&I Insurance Company (Europe) Limited, a private limited liability company registered in Cyprus, No HE410091. Registered Office: Esperidon 5, 4th Floor, Strovolos, 2001, Nicosia. Supervised by the Superintendent of Insurance. Insurance licence No 183. 5 February 2021 TO ALL MUTUAL MEMBERS AND FIXED PREMIUM ASSUREDS Dear Sir or Madam 2021/2022 - Policy Year arrangements This Circular provides a summary of the following arrangements for the 2021/22 Policy Year. (1) Mutual Members Rules As previously notified, Meetings of the Members of Class 5 (P&I), Class 7 (War Risks) and Class 8 (FD&D) were held on 27 January 2021. The proposed amendments to the Rules of each Class were approved and will take effect from noon G.M.T. on 20 February 2021. The Club’s Rules for 2021/22 are available on our website and can be accessed here: P&I, FD&D and War Risks. International Group (IG) - Pooling and Reinsurance Arrangements Information on the IG’s pooling and reinsurance arrangements for 2021/22 can be accessed here. Mutual P&I Cover – Limits and Overspill Reinsurance For oil pollution claims, the limit of the Club’s aggregate liability will continue to be US$1 billion for any one occurrence. For Passenger/Seamen claims, its aggregate liability for any one occurrence will continue to be limited to US$2 billion in respect of liability to Passengers; and to US$3 billion in respect of liability to Passengers and Seamen. The overall limit of the IG’s excess of loss contract is US$2 billion (in excess of US$100 million). The IG has once again purchased reinsurance for claims up to US$1 billion in excess of that limit, to protect mutual Members against the risk of overspill calls arising from any catastrophe claims up to US$3.1 billion. - 2 Full details are set out in the Class 5 (P&I) Rules including Rules 11 and 33, and as may appear in individual Certificates of Entry. Excess War Risks P&I Cover Excess war risks P&I cover will be provided to mutual Members in 2021/22, pursuant to Rule 15.3. Details of the cover including the excess and limit to which it is subject are contained in the excess war risks P&I clause (20 February 2020) which can be accessed here. Bio-Chem Claims The excess war risks P&I cover for mutual Members referred to above is subject to the exclusion of bio-chem risks. However, some limited cover in respect of such risks will, once again, be provided by the Club and pooled with the other IG Clubs in excess of the 2021/22 Club retention of US$10 million. Full details can be accessed here. Terrorism Insurance for US ships Any Members entering ships in the Club that qualify for the Terrorism Risk Insurance Act of 2002, as amended, and which has been updated and further extended up to 2027, are reminded that amongst other things it requires their property and casualty insurers to provide cover for acts of terrorism. Such cover is given by the Club by way of the said excess war risks P&I clause and the proportion of the annual call attributable to its provision is US$0