A spectacular $215m after-tax profit rung up by Gard has led to a decision to waive the entire 25% deferred call due for the past policy year.
The decision means $90m of premium for the year to February 2017 will not be collected from Gard members.
The biggest of the protection-and-indemnity (P&I) clubs has a long-term record of forgiving 10% or more of the deferred call each year but it has not let members off the hook for the full amount since the 1990s.
