The Britannia Steam Ship Insurance Association Limited and The Korea Shipowners’ Mutual Protection and Indemnity Association yesterday (Thursday) 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 $500,000 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.
Ship owners 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 $500,000 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.”