A market agreement to provide a framework for the underwriting of hull business in London. The agreement is administered by the Joint Hull Committee. The aim is to achieve some uniformity of practice by means of recommendations, but the understandings do not provide rates or a basis of rating. The understandings are reviewed annually and set guidelines on the treatment of renewals of business regarded as unsatisfactory.
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Formula comprising of premium figures and claims in respect of hull fleets for arriving at renewal premium for hull Insurance.