P&I - IG Mutual Premium Quote
Approximate IG Club P&I premium based on GT, tonnage rate, and claims record - the mutual-cover quote structure.
Estimated premium
113,143USD/yr
Formula, assumptions, and limits
$$P = GT \cdot r \cdot (L/70)$$
Adjusted at 20 Feb every policy year ("20/20 release"). IG Clubs pool 40 M USD+ claims; reinsurance above. Supplementary calls possible if club faces deficit.
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $GT$ | Gross Tonnage | - | tonnage certificate |
| $r$ | Rate per GT | USD/GT | club quote |
| $L$ | Loss ratio % | - | claims history |
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