Membership : Costs
How much does it cost?
Whether you are a shipowner or a charterer, the cost of joining is based on a rate per ship per year. The annual cost of membership of the Club amounts to little more than the cost of a few hours of advice from a senior shipping lawyer. The likely cost of pursuing even a relatively simple claim in arbitration would be far greater than the annual cost of entering a ship.
The annual membership cost includes advice and assistance as well as legal costs cover. This assistance alone can be worth many times the cost of membership.
As an added benefit, unlike many of our competitors, we do not impose mandatory deductibles as a condition of entry. Normally we pay legal and other fees direct, without asking you to settle them first.
The total the membership pays is calculated to meet the Club's anticipated financial requirements in the year ahead and generally. Calls are set before the start of each year and are payable in two equal instalments (usually in March and August). The amount each individual Member pays is based on:
- that Member's record
- and the risks involved
In that way every Member makes a fair contribution to the total costs of running the Club.
Our history of many years of successful operation means the membership benefits from financial stability of the Club. Together with our proven skills in predicting each year's costs, our strong financial foundations have meant we have never had to make additional (or supplementary) calls on our Members.