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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