P&I clubs to reduce costs

PUBLISHED : Monday, 26 August, 1996, 12:00am
UPDATED : Monday, 26 August, 1996, 12:00am

P&I clubs are planning a campaign to reduce their reinsurance costs next year from the about US$330 million paid this year. 'Shipowners cannot tolerate so much money going out on reinsurance. There must be a change,' chairman John Lyras said..

Protection and indemnity (P&I) clubs are mutual organisations formed by shipowners to insure their vessels.