Achiements
Benefits achieved by the Syndicate in favor of its Members:
As previously stated, the Syndicate was created in normal circumstances. However, it had witnessed major events in connection with its activities during which the idea of setting it up proved to be genuine and sound. As a matter of fact, the Syndicate has guaranteed insurance scale rates based on sound technical criteria. It has also spearheaded many initiatives to easily provide Members with special covers, and in certain cases, it has ensured special and extremely reasonable price rates that enabled Member companies to get business and helped protect interests of the insured parties at reasonable costs.
All this took place while maintaining the main benefit as Member companies continued to receive commissions and profit commissions higher than what they receive by virtue of their reinsurance treaties.
Benefits achieved by the Syndicate in favor of Member companies can be summarized as follows:
- Insurance tariffs calculated with an accurate technical method, particularly with respect to additional premium for specific areas, which allow Member companies to provide the insured parties with distinct benefits and protect their interests.
- Grant an additional commission besides the commissions that Member companies receive under their reinsurance treaties.
- Grant an additional profit commission besides the basic profit commissions.
- Share the profits of the Syndicate, knowing that the Syndicate has distributed profits to Member companies of $192,482,676 for the period from 1981 to 2015.
- Build up reserves in favor of Member companies that amounted to $131,244,424 by end of 2015.
- In addition to Cargo War & SRCC insurance by sea/by air, the Syndicate also provides war risk cover concerning goods transported on land as well as Trucks and Containers used for land transportation.
- Provide Sabotage and Terrorism/ Political Violence covers for property and vehicles.
- Provide Passive war cover against death and bodily injuries.
- In addition to Hull War & SRCC insurance, the Syndicate also provides war risks cover during Ship Building and / or Repair.
Although the Syndicate has honored its obligations towards the Members in situations where some losses had taken place, it continues to distribute profits to its Members and grant them the previously mentioned benefits.
