Well the 2008 year of account should be interesting if our boys negotiated that $3 million ransom. I don't know if that oil came to port yet, but if nothing else the insurance company should have a lean on it. I think they should just send the ship into dry dock until the oil company or the Saudi's pay for it. Getting it out of Somali waters was hard (and dangerous) work.
I am just happy that someone else is concerned about feeding all of those starving chilrden. Do you know that they estimate that a child dies every second from starvation or malnutrition? Many of them are in industrialized nations like India and the Phillipines because the governments don't teach the mothers what kind of foods they should give their children. The kids would be better served eating cockroaches and worms than the goverment handouts.
A Lloyd's syndicate trades for one year only. That is the year of account. The books remain open for three years to allow for a better estimate of the ultimate claims costs, at which point the books are closed with an RITC transaction. If the syndicate cannot close its books, the year remains open. Usually, the syndicate ceases to trade at that point, as S839 did.
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