Approximate IG Club P&I premium based on GT, tonnage rate, and claims record - the mutual-cover quote structure.
Formula
$$ P = GT \cdot r \cdot (L/70) $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $GT$ | Gross Tonnage | - | tonnage certificate |
| $r$ | Rate per GT | USD/GT | club quote |
| $L$ | Loss ratio % | - | claims history |
Sources
- International Group of P&I Clubs.