Britannia and Korea P&I collaboration

(Posted on 16/12/19)

The Britannia Steam Ship Insurance Association Limited (Britannia P&I) and The Korea Shipowners’ Mutual Protection and Indemnity Association (KP&I) have 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 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”.

Latest News

CORE POWER welcomes agreement to accelerate investment in maritime decarbonisation

The U.S. and the UK have announced a bilateral collaboration to accelerate reactor licensing from three... Read more

Cobelfret accelerates digital transformation with integrated maritime platform

Cobelfret, a leading global dry bulk shipowner and operator based in Singapore, has partnered with Smart... Read more

Support grows for India’s new maritime CCTV rules

Zelim is calling on international regulators and flag states to follow India’s lead on enhancing... Read more

Ionic extends Orca AI to bulker fleet to boost safety

Athens-based Ionic controls a fleet of eight crude tankers and 11 bulkers under its respective wet and... Read more

Columbia and Pan Marine launch Egyptian JV

Columbia Group, a global leader in integrated maritime services, has announced the establishment of... Read more

Indonesian ship operator selects Veson as partner for digitalisation Journey

Veson Nautical, a global leader in maritime data and freight management solutions, and Andhika Lines... Read more

VIKAND : Digitalisation presents emerging psychological pressures for seafarers

As the digital transformation accelerates across the maritime industry, global maritime healthcare leader... Read more

Wellness at Sea training re-shaping wellbeing for India’s Gen Z seafarers

More than 2,000 Indian maritime cadets, ratings and trainees have benefited from a pioneering partnership... Read more

Cautious optimism for Western Bulk after challenging first half of 2025

For the first half of 2025, Western Bulk Chartering AS (Western Bulk, WEST) generated a positive Net... Read more

NORDEN sells additional vessel and adds Panamax to strengthen global freight service

NORDEN has announce that we have declared an additional Supramax purchase option and subsequently sold... Read more