ViganTOC Africa 2023Bühler GmbHTOC Europe 2023Port of South LouisianaCoaltrans Asia 2023
  • Port of Stockton
  • Cimbria
  • Sailors Society
  • Port of South Louisiana
  • TOC Africa 2023
  • Vigan

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

INTERCARGO stresses commitment to MARPOL on World Maritime Day

(Posted on 27/09/23)

As the global shipping industry today celebrates World Maritime Day with its central theme of &ldquo... Read more


GTMaritime reaches 15,000-vessel milestone

(Posted on 26/09/23)

Leading provider of secure maritime data communications software, GTMaritime, has reached 15,000 installations... Read more


Posidonia Masterclass in Shipping now live

(Posted on 26/09/23)

Posidonia Exhibitions, organisers of Posidonia, the International Shipping Exhibition, is launching... Read more


NorthStandard identifies future path of P&I as it realizes early consolidation gains

(Posted on 19/09/23)

Seven months after its formal launch, NorthStandard is already realizing tangible benefits from combining... Read more


Core Power adds US heavyweights to Global Advisory Board

(Posted on 12/09/23)

Maritime nuclear technology company CORE POWER has boosted its Global Advisory Board with four new high... Read more


Foreship makes further commitment to growth in the UK

(Posted on 12/09/23)

Foreship has relocated its UK subsidiary to larger premises and appointed Tuur Killaars as Senior Sustainability... Read more


DNV and PCL to expand collaboration in ESG and key operational areas

(Posted on 08/09/23)

Classification society DNV has signed a Memorandum of Understanding (MoU) with Singapore-based ship... Read more


ISG partnership with MLS to enhance training for maritime sector

(Posted on 08/09/23)

Leading blended learning provider Intelligent Seas Group (ISG) is delighted to announce its collaboration... Read more


Panama Canal water levels to remain exceptionally low for months

(Posted on 04/09/23)

Record year-on-year declines in rainfall has been identified as the ‘likely culprit’ for... Read more


Change in MENAS Light Dues to ensure future of Aids to Navigation

(Posted on 04/09/23)

After years of keeping a vital navigation service operating on the same income, Middle East Navigation... Read more


Van AalstPort of StocktonTBA GroupIMPA EventsTMS Awards 2023Telestack
  • Coaltrans Asia 2023
  • IMPA Events
  • TOC Europe 2023
  • Bühler GmbH

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping