Board of Directors. A Club of Trusted Professionals. Kwang yang.

Transcription

1 Kwang yang BOYANG LTD. A Club of Trusted Professionals Claims Team claims@kpiclub.or.kr Office : ~19 Underwriting Team uw@kpiclub.or.kr Office : ~36 Management support team finance@kpiclub.or.kr Office : ~52, 6861~66 Contact Fax / , Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea Korea P&I Club 24/7 Emergency Number

2 Introduction The 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 & Strengths 1) Fixed Premium System Our 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 Pay There is no release call to pay when a Member wished to withdraw their Entered Ships under fixed premium system. 3) Competitive Premium The 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 Covered Member may choose limit of cover and risks covered in consideration of characteristic of vessel and voyage, which leads to better rate. 5) Direct Management The 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 Handling The most effective claim-handling service without delay can be provided not only at the initial stages but throughout the entire claim process. 7) Consultation Service Served 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. Service To 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 History - Specialist Operations - Damage to Hull - SOL Insurance - Nvocc s Liability 1999 Enacted the Shipowners Mutual Protection and Indemnity Association Act Foundation approved by MOF(Ministry of Maritime Affairs and Fisheries). Commenced official operation Annual premium income exceeded USD 10Mil 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 Commenced FD&D Service. Maxmium Limit of cover increased to USD 1bil. Obtained A-(Excellent) rating from AM Best. Commenced SOL Cover. Entered tonnage exceeded 20 mil. Exceeded 1,000 entered vessels. Launched the KSCF(Korea & Standard Collaboration Fixed) program. Commenced MLC Cover. Launched the KSCM(Korea & Standard Collaboration Mutual) Program. 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) Guarantee LOU issued by the Korea P&I Club is broadly accepted in the world and our members have never experienced any difficulty caused by LOU. 2 Korea P&I Club

3 Member Entered Tonnage(GT) m Premium Income(USD) Entered Vessels $30m Overseas Premium(USD) 19% 12% 3% $3.1m 20% 23% % INDONESIA CHINA VIETNAM SINGAPORE HONG KONG BRUNEI DARUSSALAM 3 Korea P&I Club

4 Free Reserve(USD) Combined Ratio $49m 76% 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 recommended By FSS(Financial Supervisory Service) over 150% Investment Return Claims cover ratio of net assets to outstanding claims 2.0% 135% Korea P&I Club

5 Kwang yang BOYANG LTD. A Club of Trusted Professionals Claims Team claims@kpiclub.or.kr Office : ~19 Underwriting Team uw@kpiclub.or.kr Office : ~36 Management support team finance@kpiclub.or.kr Office : ~52, 6861~66 Contact Fax / , Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea Korea P&I Club 24/7 Emergency Number

6 Kwang yang BOYANG LTD. A Club of Trusted Professionals Claims Team claims@kpiclub.or.kr Office : ~19 Underwriting Team uw@kpiclub.or.kr Office : ~36 Management support team finance@kpiclub.or.kr Office : ~52, 6861~66 Contact Fax / , Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea Korea P&I Club 24/7 Emergency Number