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KP&I, Standard Club agree to co-undertake mutual insurance for large ships
KP&I inks an agreement with Standard Club on 2nd collaboration
Friday, November 03, 2017, 18:29:46 Paul Yoon ckyoon7@paran.com
KP&I (Korea P&I) has declared to co-undertake mutual insurance for large ships in collaboration with Standard Club, one of IG Club members.

KP&I and Standard have penciled an agreement dated Oct. 30 to co-undertake mutual insurance at 63 building in Seoul at a ceremony. The signing ceremony in the day was attended by Chairman Park Jong Seug, Vice President Moon Byungil with other officials on behalf of KP&I and by Senior Director John Reily on behalf of Standard Club and Vice President (VP) Adrew Reynold representing Marsh London in celebration of the signing ceremony on the co-undertaking.

At the signing ceremony in the day, Chairman Park Jong Seug said in a congratulatory address: “The collaboration with Standard Club to co-undertake P&I insurance is expected to provide a stimulant good opportunity for KP&I to further develop at a leap. The expansion in two clubs’ collaboration is expected to provide a milestone for KP&I to grow into a global club.”

Senior Director John Reily responsible for underwriting in Standard Club added: “It’s already 40 years since Standard Club first entered the Korean market. We are very pleased that we can take this opportunity to repay to Korean shipowners. The co-undertaking will not only be very productive and beneficial to the two clubs but also to Korean shipowner members as well, we hope.”

VP Andrew Reynolds of Marsh London who has brokered the second collaboration said, “We are convinced that the collaboration inked this time will certainly be a great encouragement to Korean flag shipowners in the current gloomy shipping markets.” VP Moon Byungil of KP&I also stressed, citing: “KP&I has failed so far to provide required support to many Korean flag shipowners due to various market barriers despite its wishes, but at last these are now all cleared. Hence we look forward to the collaboration this time with Standard Club providing an important momentum for the KP&I’s future.”

Meanwhile, the second collaboration with Standard Club enables KP&I to undertake P&I insurance for bigger ships than 20,000gt, its market share of which have been previously very low. KP&I’s insurance product available for the kick-off of sale in second collaboration with Standard Club is coded ‘KSCM’ (Korea Standard Collaboration Mutual).

Preceding the second collaboration, KP&I and Standard Club have inked an agreement dated Aug. 3 at Singapore on the first collaboration coded ‘KSCF (Korea Standard Collaboration Fixed). Under KSCF, KP&I and Standard Club have co-undertaken P&I insurance for tankers sized below 9,500gt which KP&I has previously unable to accept due to oil majors’ request for documentation of IG Club’s insurance policy.

Having successfully concluded the second collaboration deal this time after the first one earlier with Standard Club, KP&I has eliminated all of the remaining blocks, and plans to expedite the inducement of bigger-sized Korean flag ships ahead.
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