International Group Agreement Iga

HistoryThe first understanding The history behind the IGA is also the story of the pooling agreement that originated in 1899. Then the London Group of P-I Clubs, which consisted of six clubs at the time, concluded the first claims-sharing agreement. At the time, the main purpose of the pooling agreement was the same as it is today. It provided the legal framework for the distribution of receivables between the group`s clubs. It was only later, in 1951, that it became the vehicle for the collective purchase of market reinsurance. All of the International Group`s listed clubs are brought together by the secretariat of the London-based International Group. In addition, the executive or officials of the International Group and the Secretary of the International Group are appointed to their duties, while the President of the International Group is elected to his committee for a three-year term. They are supposed to provide communication and manage group clubs. As confirmation of the annual meetings, members of the International Group of P-I Clubs will vote in favour of the International Group`s body, which consists of five representatives responsible for overseeing the Secretariat`s work and maintaining the financial fiasco operation in favour of the International Group. The group`s subcommittees and working groups, which have the heart of the time, provide information on reports to the International Group of P-I Clubs, 45 to 55 of which currently deal with a variety of topics. The special representatives of each club take their responsibilities and implement support actions in their areas of knowledge. It is for these reasons that group meetings, either small or large frequency, such as the panel. B or, in large part, such as the General Assembly of International Clubs of IPS, is an important point of exchange and discussion for the next century, which has led to significant developments and the extension of international trade to new areas, which has led to a new demand for larger and appropriate insurance institutions.

, particularly with regard to external debt. The ensuing conflict of interest was caused by the growing awareness by shipowners of the impact of this period of economic, social and technological change and, subsequently, its impact on the value of the ships and cargo they carry. [34] At this point, insurers felt that if shipowners were to take a significant portion of the risk themselves, they would sail and sail more carefully. The “three-quarter exit clause” was put into practice, while the hull insurers assumed three-quarters of the insured vessel`s liability in the event of loss or damage to another vessel or its cargo as a result of a collision, so that the remaining uninsured had to be covered from the ship`s owner`s pocket. Increasing liability positions, which have not been able to cover and compensate their traditional stock market insurers and have been accompanied by higher premiums, have fostered new principles induced by shipowners. When they became aware of these unacceptable positions, shipowners took new and innovative measures: to come together and unite in reciprocal associations and to agree to share the claims of the other.