Circulars

The Association has been involved in a number of cases which involve the enforceability or otherwise of charterparty guarantees. As a result of ineffective drafting or the failure to comply with other formalities, Members have found themselves unable to enforce otherwise good claims.

The Managers’ Value for Money (“VfM”) programme was introduced with thespecific aim of ensuring that best practice was applied in the handling of cases bythird party service providers and also to improve the cost effectiveness of the servicesprovided. There are a number of key VfM requirements however two are critical; 

Members will be aware that for a number of years the Association has met the costs of Insurance Premium Tax (“IPT”) and other parafiscal taxes for certain Members by reason of regulatory changes that affected the Association in 2008. These changes mainly affected certain EU based Members. The decision to continue to meet this cost is one that has been reviewed annually as outlined in circular 2011/4 in November, 2011.