- About us
- IBJ Awards
- Free Sample
- Contact us
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”.
Launched this week, the new Seafarer Workforce Report from BIMCO and the International Chamber of Shipping... Read more
DNV, the world’s leading classification society and risk management expert, is embarking on an... Read more
International Maritime Industries (IMI), the largest maritime yard in the Middle East and North Africa... Read more
Distractions are recognised as one of the biggest causes of human error resulting in incidents, accidents... Read more
The Bahamas Maritime Authority (BMA) has announced that it has recognised the Seafarer Mental Health... Read more
Leading Classification Society ClassNK granted its first Innovation Endorsement “Provider Certification... Read more
World shipping can learn a lot from Jamaica when it comes to equality in the maritime workplace because... Read more
Classification society DNV has issued a verification statement allowing global survival technology specialist... Read more
METIS Cyberspace Technology is contributing to an EU-backed project that will test clean energy solutions... Read more
The technology group Wärtsilä continues to lead the ongoing transformation of the energy and... Read more