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New collaboration

Maritime Risk International

New collaboration

Britannia Steam Ship Insurance Association Ltd (Britannia P&I) and Korea Shipowners’ Mutual Protection and Indemnity Association (KP&I) have established a new collaboration agreement, the 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 US$500,000 layer insured by KP&I. Shipowners with vessels entered in the KBC will become members of both Britannia P&I and KP&I. KP&I will market the facility and handle claims within the primary 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.

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