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KP&I approved as eligible underwriter for Hong Kong flag local vessels
Tuesday, October 31, 2017, 09:10:19 Paul Yoon ckyoon7@paran.com
Korea P&I (KP&I) has got an approval dated Oct. 30 from Hong Kong government as the eligible underwriter for 3rd party compensation liability on behalf of Hong Kong flag local vessels.

Hong Kong government authority makes it mandatory that the owners of Hong Kong flag local vessels should take insurance to cover shipowners’ liability on possible damages that can take place during their operation at the Hong Kong coastal seas in compliance with Merchant (Local Vessels) (Compulsory Third Party Risks Insurance) Regulation Cap. 548. Under Hong Kong’s Law, the underwriters providing the said insurance service are legally bound to get an approval from the Hong Kong government without fail for being eligible.

KP&I has been already nominated by the H.K. government as an approved underwriter for ocean-going Hong Kong flag vessels. This time, it has been approved by the H.K government as an eligible underwriter through strict examination as qualified to provide security against risks, guarantee and claim handling service to H.K. flag local vessels. As a result, Korean flag vessels engaged in H.K.’s harbor construction are allowed to enter KP&I Club instead of buying H.K.’s local underwriters’ service as before.

Meantime, the foreign underwriters approved by H.K. government as eligible to underwrite H.K. local vessels under H.K. Act are now only two, KP&I and Lloyd’s other than those that have already been approved under H.K. Act by the H.K. government eligible to underwrite them.
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