Responsibility) guaranties continue to show member loyalty to the Shoreline programme, president Simon Scupham argued yesterday.

Mr. Scupham said the statistics show that Shoreline accounts for 38.3 percent of the commercial guaranty market.

He said, "We remain the leading commercial tanker provider with 533 guaranties, accounting for 42.4 percent of the market.'' But Coast Guard figures show that the combination of tankers fulfilling contracts through competitor, First Line, together with the number under First Line's sister vehicle, SIGCo, actually number 672 at March 5, providing some 52 percent of the registered tanker market under one management. SIGCo is Stockton Re's replacement COFR guarantor for First Line, which they are set to decommission after December 28. SIGCo was developed as an improvement to First Line after further input from ship owners. The remainder of the First Line business for the balance of this year is being managed by SIGCo, together with the new contracts under the SIGCo name. Still Mr. Scupham insisted in a circular to members and brokers that Shoreline's dry cargo segment also continues to grow with 1,436 guaranties, accounting for 37 percent. But the USCG figures show that their combined Bermuda rival of First Line (1,866) and SIGCo (568) is managing nearly 55 percent of the 4,451 dry cargo COFRs registered. In fact, Shoreline's more than 38 percent of the commercial guaranty market stacks up against 60.2 percent for the combined SIGCo/First Line operations. While Stockton Re is expecting to move the remaining First Line COFR guaranties over to the SIGCo facility at renewal, they will have to compete with Shoreline.

Mr. Scupham said, "The figures continue to show loyalty to the Shoreline programme from our members in addition to a number of new clients joining from the old First Line facility. "The figures confirm that a significant number of ship owners still have COFRs in effect with the discontinued First Line programme and therefore are as yet uncommitted. "Shoreline continues to be successful for a number of reasons other than its commitment to be the low Shoreline president upbeat about latest statistics From Page 33 is 100 percent owned by its ship owner members, as compared to the other commercial facilities which are owned by investors with capital and returns thereon to be repaid and serviced out of funds from these programmes.

"It remains the only facility to provide real coverage, i.e. a commitment to pay in case of a claim without recourse to the ship owner or any other member.

"Consequently, there is no requirement for ship owners to provide onerous documentation such as a power of attorney or letter of indemnity. Shoreline's programme has proven to be the leader in giving the widest coverage to ship owners to cover all eventualities including the costs of defending court actions. Such innovative thought process has subsequently been copied by other commercial providers. "These unique features coupled with the attractive no claims bonus component provided by Shoreline's reinsurers, inuring to the benefit of Shoreline's members, and the exemplary service provided to all members continues to make Shoreline the COFR provider of choice for the discerning quality ship owner.'' BUSINESS BUC