6
A Club of Trusted Professionals | www.kpiclub.or.kr | 2018
A Club of Trusted Professionals
| www.kpiclub.or.kr |
2018
Claims TeamE-mail : [email protected] | Office : 82-2-3701-6805~19
Underwriting Team E-mail : [email protected] | Office : 82-2-3701-6830~36
Management support teamE-mail : [email protected] | Office : 82-2-3701-6850~52, 6861~66
Contact 82-2-739-9755 | Fax 82-2-739-1138 / 975917, Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea 07237www.kpiclub.or.kr
2018
5 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
Board of Directors
Kwang yang BOYANG LTD.
24/7 Emergency Number82-10-4932-4946
2 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
About The Korea P&I Club
IntroductionThe Korea P&I Club underwritten by the Korean government was established in the year 2000 by Korean Shipowners in accordance with the Shipowners’ Mutual Protection and Indemnity Association Act 1999 as a non-profit organization.The establishment and the steady growth of The Korea P&I Club was made possible by the continuous effort and support from the local and overseas shipping industry over the past 18 years.The passion and participation shown by the shipping industry and the government will guarantee the stable and sustainable growth of The Korea P&I Club.
Features & Strengths1) Fixed Premium SystemOur Members can secure stability in management as they only need to pay a fixed premium for the whole insurance period unlike the mutual terms of other Clubs.
2) No Release Call to PayThere is no release call to pay when a Member wished to withdraw their Entered Ships under fixed premium system.
3) Competitive PremiumThe Korea P&I Club maintains its non-profit structure, in other words it is owned and run by its Members, whereas many other P&I clubs are in fact run by commercial management companies.Every single surplus becomes an asset for the free reserves of the Club and is used for the members.
4) Choosable Limit of Cover and Risks CoveredMember may choose limit of cover and risks covered in consideration of characteristic of vessel and voyage, which leads to better rate.
5) Direct ManagementThe Korea P&I Club is directly operated under the secretariat, not via a management company differently from other Clubs. As such, The Korea P&I Club is capable of providing cost-effective and disciplined service.
6) Effective Claim HandlingThe most effective claim-handling service without delay can be provided not only at the initial stages but throughout the entire claim process.
7) Consultation ServiceServed by highly professional manpower and network of services with extensive experience in handling claims all over the world.With our team, it is always possible to seek our advice on various admiralty laws, marine insurance related issues, chartering issues, etc. in addition to P&I matters.
8) Recognition from the world The Korea P&I Club has been recognized as a designated insurer for issuing blue cards(BC/CLC/WRC) and MLC Certificates by the world’s most reputable shipping countries such as US, UK, Japan, HK, Singapore and India and etc.
9) GuaranteeLOU issued by the Korea P&I Club is broadly accepted in the world and our members have never experienced any difficulty caused by LOU.
ServiceTo provide the second-to-none P&I services to shipowners, Demise Charterers, Time/Voyage Charterers or Ship operators on the basis of mutual management and non-profit fixed premium.
- Owners’ P&I- Charterers’ P&I- FD&D- Salvor’s Liability
History1999 Enacted the Shipowners’ Mutual Protection and Indemnity
Association Act 1999.
2000 Foundation approved by MOF(Ministry of Maritime Affairs and Fisheries).Commenced official operation.
2008 Annual premium income exceeded USD 10Mil.
2011 Commenced DTH Service.Recognized as a non-profit P&I Club by National Tax Service.Entered tonnage exceeded 10 mil.Annual premium income exceeded USD 30Mil.
2012 Commenced FD&D Service.Maxmium Limit of cover increased to USD 1bil.
2013 Obtained A-(Excellent) rating from AM Best.
2014 Commenced SOL Cover.Entered tonnage exceeded 20 mil.
2015 Exceeded 1,000 entered vessels.
2016 Launched the KSCF(Korea & Standard Collaboration Fixed) program.Commenced MLC Cover.
2017 Launched the KSCM(Korea & Standard Collaboration Mutual) Program.
- Specialist Operations- Damage to Hull- SOL Insurance- Nvocc’s Liability
3 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
The Club at a glance
Member Entered Tonnage(GT)
Premium Income(USD) Entered Vessels
225 20m
$30m 1010
2018
2017
2016
2015
2014
22
24
23
20
21
2018
2017
2016
2015
2014
31
30
31
30
32
2018
2017
2016
2015
2014
1089
1049
983
1010
960
2018
12%
3%
INDONESIA
CHINA
VIETNAM
SINGAPORE
22%
23%
19%
20%
HONG KONG
BRUNEI DARUSSALAM
Overseas Premium(USD)
$3.1m2018
2017
2016
2015
2014
3.1
2.4
1.9
3.1
1.8
4 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
Free Reserve(USD) Combined Ratio
Investment Return
$49m 76%
2.0%
Financial highlights
2017
2016
2015
2014
2013
43
41
39
49
37
2017
2016
2015
2014
2013
1.7
3
3.5
2.0
3.7
Credit Rating Risk Based Capital
A-(excellent) 547%A.M Best company is the world’s oldest and most authoritative insurance rating agency.
The RBC is recommendedBy FSS(Financial Supervisory Service) over 150%
2018
2017
2016
2015
2014
217
195
210
225
205
Claims cover ratio of net assetsto outstanding claims
135%2017
2016
2015
2014
2013
124
130
114
135
112
2017
2016
2015
2014
2013
83
88
96
76
75
2 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
About The Korea P&I Club
IntroductionThe Korea P&I Club underwritten by the Korean government was established in the year 2000 by Korean Shipowners in accordance with the Shipowners’ Mutual Protection and Indemnity Association Act 1999 as a non-profit organization.The establishment and the steady growth of The Korea P&I Club was made possible by the continuous effort and support from the local and overseas shipping industry over the past 18 years.The passion and participation shown by the shipping industry and the government will guarantee the stable and sustainable growth of The Korea P&I Club.
Features & Strengths1) Fixed Premium SystemOur Members can secure stability in management as they only need to pay a fixed premium for the whole insurance period unlike the mutual terms of other Clubs.
2) No Release Call to PayThere is no release call to pay when a Member wished to withdraw their Entered Ships under fixed premium system.
3) Competitive PremiumThe Korea P&I Club maintains its non-profit structure, in other words it is owned and run by its Members, whereas many other P&I clubs are in fact run by commercial management companies.Every single surplus becomes an asset for the free reserves of the Club and is used for the members.
4) Choosable Limit of Cover and Risks CoveredMember may choose limit of cover and risks covered in consideration of characteristic of vessel and voyage, which leads to better rate.
5) Direct ManagementThe Korea P&I Club is directly operated under the secretariat, not via a management company differently from other Clubs. As such, The Korea P&I Club is capable of providing cost-effective and disciplined service.
6) Effective Claim HandlingThe most effective claim-handling service without delay can be provided not only at the initial stages but throughout the entire claim process under same time zone.
7) Consultation ServiceServed by highly professional manpower and network of services with extensive experience in handling claims all over the world.With our team, it is always possible to seek our advice on various admiralty laws, marine insurance related issues, chartering issues, etc. in addition to P&I matters.
8) Recognition from the world The Korea P&I Club has been recognized as a designated insurer for issuing blue cards(BC/CLC/WRC) and MLC Certificates by the world’s most reputable shipping countries such as US, UK, Japan, HK, Singapore and India and etc.
9) GuaranteeOur members have not experienced any difficulty caused by LOU issue thanks to our growing reputation in the market.In 2013, we provided an LOU in amount of USD20M accepted by a Chinese Maritime Court.
10) Asian CultureThe Korea P&I Club is in Seoul, Soul of Asia, always ready to maintain a very close relationship with Asian ship-owners as a distinguished companion with Asian spirit. We share Asian culture which allows us to perceive difficulties of the Asian members and solve them more easily.
ServiceTo provide the second-to-none P&I services to shipowners, Demise Charterers, Time/Voyage Charterers or Ship operators on the basis of mutual management and non-profit fixed premium.
- Owners’ P&I- Charterers’ P&I- FD&D- Salvor’s Liability
History1999 Enacted the Shipowners’ Mutual Protection and Indemnity
Association Act 1999.
2000 Foundation approved by MOF(Ministry of Maritime Affairs and Fisheries).Commenced official operation.
2007 Entered tonnage exceeded 3 mil.
2008 Annual premium income exceeded USD 10Mil.
2011 Commenced DTH Service.Recognized as a non-profit P&I Club by National Tax Service.Entered tonnage exceeded 10 mil.Annual premium income exceeded USD 30Mil.
2012 Commenced FD&D Service.Maxmium Limit of cover increased to USD 1bil.
2013 Obtained A-(Excellent) rating from AM Best.
2014 Commenced SOL Cover.Entered tonnage exceeded 20 mil.
2015 Exceeded 1,000 entered vessels.
2016 Launched the KSCF(Korea & Standard Collaboration Fixed) program.Commenced MLC Cover.
2017 Launched the KSCM(Korea & Standard Collaboration Mu-tual) Program.
- Specialist Operations- Damage to Hull- SOL Insurance- Nvocc’s Liability
3 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
The Club at a glance
Member Entered Tonnage(GT)
Premium Income(USD) Entered Vessels
225 20m
$30m 1010
2018
2017
2016
2015
2014
22
24
23
20
21
2018
2017
2016
2015
2014
31
30
31
30
32
2018
2017
2016
2015
2014
1089
1049
983
1010
960
2018
12%
3%
INDONESIA
CHINA
VIETNAM
SINGAPORE
22%
23%
19%
20%
HONG KONG
BRUNEI DARUSSALAM
Overseas Premium(USD)
$3.1m2018
2017
2016
2015
2014
3.1
2.4
1.9
3.1
1.8
4 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
Free Reserve(USD) Combined Ratio
Investment Return
$49m 76%
2.0%
Financial highlights
2017
2016
2015
2014
2013
43
41
39
49
37
2017
2016
2015
2014
2013
83
88
96
76
75
2017
2016
2015
2014
2013
1.7
3
3.5
2.0
3.7
2017
6% 4% 3%
Bank Saving
Government Bond
Financial Bond
Special Bond
87%
Credit Rating Risk Based Capital
A-(excellent) 547%A.M Best company is the world’s oldest and most authoritative insurance rating agency.
The RBC is recommendedBy FSS(Financial Supervisory Service) over 150%
2018
2017
2016
2015
2014
217
195
210
225
205
Claims cover ratio of net assetsto outstanding clams
1.352017
2016
2015
2014
2013
1.24
1.30
1.14
1.35
1.12
2 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
About The Korea P&I Club
IntroductionThe Korea P&I Club underwritten by the Korean government was established in the year 2000 by Korean Shipowners in accordance with the Shipowners’ Mutual Protection and Indemnity Association Act 1999 as a non-profit organization.The establishment and the steady growth of The Korea P&I Club was made possible by the continuous effort and support from the local and overseas shipping industry over the past 18 years.The passion and participation shown by the shipping industry and the government will guarantee the stable and sustainable growth of The Korea P&I Club.
Features & Strengths1) Fixed Premium SystemOur Members can secure stability in management as they only need to pay a fixed premium for the whole insurance period unlike the mutual terms of other Clubs.
2) No Release Call to PayThere is no release call to pay when a Member wished to withdraw their Entered Ships under fixed premium system.
3) Competitive PremiumThe Korea P&I Club maintains its non-profit structure, in other words it is owned and run by its Members, whereas many other P&I clubs are in fact run by commercial management companies.Every single surplus becomes an asset for the free reserves of the Club and is used for the members.
4) Choosable Limit of Cover and Risks CoveredMember may choose limit of cover and risks covered in consideration of characteristic of vessel and voyage, which leads to better rate.
5) Direct ManagementThe Korea P&I Club is directly operated under the secretariat, not via a management company differently from other Clubs. As such, The Korea P&I Club is capable of providing cost-effective and disciplined service.
6) Effective Claim HandlingThe most effective claim-handling service without delay can be provided not only at the initial stages but throughout the entire claim process under same time zone.
7) Consultation ServiceServed by highly professional manpower and network of services with extensive experience in handling claims all over the world.With our team, it is always possible to seek our advice on various admiralty laws, marine insurance related issues, chartering issues, etc. in addition to P&I matters.
8) Recognition from the world The Korea P&I Club has been recognized as a designated insurer for issuing blue cards(BC/CLC/WRC) and MLC Certificates by the world’s most reputable shipping countries such as US, UK, Japan, HK, Singapore and India and etc.
9) GuaranteeLOU issued by the Korea P&I Club is broadly accepted in the world and our members have never experienced any difficulty caused by LOU.
10) Asian CultureThe Korea P&I Club is in Seoul, Soul of Asia, always ready to maintain a very close relationship with Asian ship-owners as a distinguished companion with Asian spirit. We share Asian culture which allows us to perceive difficulties of the Asian members and solve them more easily.
ServiceTo provide the second-to-none P&I services to shipowners, Demise Charterers, Time/Voyage Charterers or Ship operators on the basis of mutual management and non-profit fixed premium.
- Owners’ P&I- Charterers’ P&I- FD&D- Salvor’s Liability
History1999 Enacted the Shipowners’ Mutual Protection and Indemnity
Association Act 1999.
2000 Foundation approved by MOF(Ministry of Maritime Affairs and Fisheries).Commenced official operation.
2008 Annual premium income exceeded USD 10Mil.
2011 Commenced DTH Service.Recognized as a non-profit P&I Club by National Tax Service.Entered tonnage exceeded 10 mil.Annual premium income exceeded USD 30Mil.
2012 Commenced FD&D Service.Maxmium Limit of cover increased to USD 1bil.
2013 Obtained A-(Excellent) rating from AM Best.
2014 Commenced SOL Cover.Entered tonnage exceeded 20 mil.
2015 Exceeded 1,000 entered vessels.
2016 Launched the KSCF(Korea & Standard Collaboration Fixed) program.Commenced MLC Cover.
2017 Launched the KSCM(Korea & Standard Collaboration Mu-tual) Program.
- Specialist Operations- Damage to Hull- SOL Insurance- Nvocc’s Liability
3 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
The Club at a glance
Member Entered Tonnage(GT)
Premium Income(USD) Entered Vessels
225 20m
$30m 1010
2018
2017
2016
2015
2014
22
24
23
20
21
2018
2017
2016
2015
2014
31
30
31
30
32
2018
2017
2016
2015
2014
1089
1049
983
1010
960
2018
12%
3%
INDONESIA
CHINA
VIETNAM
SINGAPORE
22%
23%
19%
20%
HONG KONG
BRUNEI DARUSSALAM
Overseas Premium(USD)
$3.1m2018
2017
2016
2015
2014
3.1
2.4
1.9
3.1
1.8
4 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
Free Reserve(USD) Combined Ratio
Investment Return
$49m 76%
2.0%
Financial highlights
2017
2016
2015
2014
2013
43
41
39
49
37
2017
2016
2015
2014
2013
1.7
3
3.5
2.0
3.7
Credit Rating Risk Based Capital
A-(excellent) 547%A.M Best company is the world’s oldest and most authoritative insurance rating agency.
The RBC is recommendedBy FSS(Financial Supervisory Service) over 150%
2018
2017
2016
2015
2014
217
195
210
225
205
Claims cover ratio of net assetsto outstanding claims
135%2017
2016
2015
2014
2013
124
130
114
135
112
2017
2016
2015
2014
2013
83
88
96
76
75
A Club of Trusted Professionals
| www.kpiclub.or.kr |
2018
Claims TeamE-mail : [email protected] | Office : 82-2-3701-6805~19
Underwriting Team E-mail : [email protected] | Office : 82-2-3701-6830~36
Management support teamE-mail : [email protected] | Office : 82-2-3701-6850~52, 6861~66
Contact 82-2-739-9755 | Fax 82-2-739-1138 / 975917, Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea 07237www.kpiclub.or.kr
2018
5 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
Board of Directors
Kwang yang BOYANG LTD.
24/7 Emergency Number82-10-4932-4946
A Club of Trusted Professionals
| www.kpiclub.or.kr |
2018
Claims TeamE-mail : [email protected] | Office : 82-2-3701-6805~19
Underwriting Team E-mail : [email protected] | Office : 82-2-3701-6830~36
Management support teamE-mail : [email protected] | Office : 82-2-3701-6850~52, 6861~66
Contact 82-2-739-9755 | Fax 82-2-739-1138 / 975917, Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea 07237www.kpiclub.or.kr
2018
5 Korea P&I Club
About The Korea P&I Club The Club at a glance Financial highlights Board of Directors
Board of Directors
Kwang yang BOYANG LTD.
24/7 Emergency Number82-10-4932-4946
