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REPORT OF THE DIRECTORS
The Directors have pleasure in presenting their Report and the Accounts of the Association for the year ended 20 February, 1999.
Activities The
principal activities of the Association during the year were the Insurance
and Reinsurance of Protection and Indemnity Risks on behalf of Members
in Class 1 and the Inland Craft Class.
Directors The
Directors of the Association are shown in the Club section. The following
Members of the Board, Messrs M.C. Barraclough, W.D. Everard, R. Frising,
Ong Kok Wah and J.K. Whitaker retire in accordance with the Constitution
and offer themselves for re-appointment.
Underwriting The
Class 1 record for Additional Calls is as follows:
| Policy Year |
Initial Estimate |
Current Estimate |
Actually Called |
|
|
|
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| 1992 | 25% | Nil | year closed on 22 June, 1995 | |
| 1993 | 25% | Nil | year closed on 27 June, 1996 | |
| 1994 | 25% | Nil | year closed on 26 June, 1997 | |
| 1995 | 25% | Nil | year closed on 25 June, 1998 | |
| 1996 | 25% | Nil | year closed on 24 June, 1999 | |
| 1997 | 25% | Nil | Nil | year open |
| 1998 | 25% | 12.5% | - | year open |
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Auditors At
the last Annual General Meeting on 17 September, 1998, Messrs Moore
Stephens S.A.R.L. were re-appointed as Auditors and now offer themselves
for re-appointment.
W.D. Everard
Chairman of the Board
24 June 1999