English
BACK TO KNOWLEDGE
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
KOREA P&I & BRITANNIA P&I COLLABORATION
Published: 6 December 2019
On 5th December 2019 The Britannia Steam Ship Insurance Association Limited (Britannia P&I) and The Korea Shipowners’ Mutual Protection and Indemnity Association (KP&I) established a new collaboration agreement, Korea-Britannia P&I Collaboration ‘KBC’.
This new facility, which is exclusively available to Korean shipowners and operators, will provide cover on a mutual basis excess of a primary USD500,000 layer insured by KP&I.
Britannia P&I, trusted since 1855, has 114m gt of mutual tonnage from over 240 members across 30 countries. In August 2019, S&P re-confirmed Britannia P&I’s A (Stable) rating with financial strength above the AAA level and ‘exceptional’ liquidity.
KP&I is a P&I Club established subject to Korea’s Shipowners Mutual Protection and Indemnity Insurance Act 2000. Rated A- (Excellent) by A.M Best, KP&I has a membership of 22.6m gt and 253 members.
Shipowners with vessels entered in KBC will become members of both Britannia P&I and KP&I. KP&I will market the facility and handle claims within their primary USD500,000 layer while Britannia P&I will assume responsibility for handling any larger or complex claims with a potential to exceed the primary layer. Britannia P&I will also issue all compulsory certificates thereby guaranteeing compliance with international maritime conventions.
Commenting on the new facility, ANDREW CUTLER, Britannia P&I’s CEO said: “Britannia P&I has a proud tradition of working closely with Korean shipowners, many of whom are among the Club’s longest serving Members. KBC brings together Britannia P&I’s and KP&I’s shared values of excellence in service and reflects our common desire to support the Korean shipping market”.
While BAY MOON, COO of KP&I said: “This new collaboration agreement with Britannia P&I is an important milestone in the development of the Korea P&I Club and is significant before the 20th Anniversary of our founding in 2000. KBC will combine KP&I’s reputation for friendly and efficient service with Britannia P&I’s widely recognised financial strength to meet the ongoing demands of a vibrant and dynamic Korean shipping industry”.