Dear member of UFDS,
As discussed at the Annual General Meeting in April, the Board of UFDS will introduce a new method of premium differentiation.
In order to ensure a transparent and fair determination of our premiums, UFDS introduces differentiated premiums per. January 1st, 2020. The purpose is for each member to pay a premium better aligned to the risk profile of the individual shipping company.
However, as a mutual insurance company, we will maintain a strong element of solidarity between the members.
The premium differentiation is done by dividing the vessels into four categories and by determining individual premiums for each shipping company according to their category.
The four categories are:
• Cargo
• Offshore & Services
• Passengers
• Tank
Basic Premium per. Category and Individual Premium per. Sailing Day
Based on the injury history for each category, UFDS calculates a basic premium per category. Hence, the calculation of the premium per. sailing day for each shipping company is derived from 1) the basic premium per. category together with 2) the injury history of the individual shipping company.
During November, The Board of UFDS determines the premiums.
At the end of November, all members will receive a renewal letter with the new estimated premiums for 2020. As before, this is an estimated premium, as the final premium according to the Articles of Association is determined after the end of the year.
Time for prevention….
In order to enable the members time for promoting a secure work environment, the premium differentiation will be phased in over a three-year period.
It appears from Articles of Association of the UFDS that the Board has the option of introducing differentiated premiums.
If you have any questions, you are welcome to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or tel. +45 3313 8688.
Best regards, Jacob Munch
CEO, UFDS
