Emergency Contact The mutual approach Home Latest updates News The mutual approach 17 May 2017 Download Sign up for alerts The Shipowners’ Club has been in existence for over 160 years and was established by ship owners, for ship owners.  We have always operated on a mutual basis – that is, the Club exists for the benefit of its Members. Mutuality delivers “at cost” insurance In considering the financial benefits of Club membership the Club’s mutuality is an absolutely central element. Many insurance companies (including marine insurers) are owned by shareholders and consequently have to generate returns for those shareholders to meet their investment demands.  These companies have to generate dividends, which are paid from profits and, of course, ultimately those profits are generated through the income charged to policy holders. The Shipowners’ mutual model is different.  We have no shareholders and consequently we have no requirement to pay dividends.  This means that we can retain surpluses generated within the Club and use this money for the benefit of our Members, through, for example, improving services, enhancing cover levels or by keeping premium levels down. Value for money at the heart of the Club’s governance Of course, our mutual model will only benefit our Members if we run ourselves in an efficient manner.  We are acutely aware that the money we handle belongs to our Members.  We therefore have a constant focus on ensuring that the Club offers value for money. This value for money focus is enhanced by our corporate governance model, and specifically the fact that: The Club’s Board of Directors is strongly represented by shipping Members who act on behalf of the wider Members in ensuring that their money is spent and invested appropriately. The day to day management of the Club is entrusted to a 100% owned management company which exists solely to service the Club, and not to generate returns for third parties. Financial S