www.kpiclub.or.kr THE KOREA SHIPOWNERS MUTUAL PROTECTION & INDEMNITY ASSOCIATION A Club of Trusted Professionals You can t avoid risk! But thankfully you can minimize it and cover it. Did you check our comprehensive P&I cover?
About The Korea P&I Club 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 17 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 under same time zone. 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 1999. Inaugurated Task Force Team for Planning the Foundation of The Korea P&I Club. 2000 Foundation approved by MOF(Ministry of Maritime Affairs and Fisheries). Commenced official operation. 2008 Annual premium income exceeded USD 10Mil. 2007 Entered tonnage exceeded 3 mil. 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 10Mil. 2012 Commenced FD&D Service. Maxmium Limit of cover increased from USD 300mil 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 KSC(Korea & Standard Collaboration) program. Commenced MLC Cover. 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) Asian Culture The 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. 2 Korea P&I Club
The Club at a glance Member Entered Tonnage(GT) 217 22m 217 22 195 24 210 23 205 21 204 18 Premium Income(USD) Entered Vessels $31m 1088 30 31 1088 1049 31 983 32 960 31 944 Foreign Premium(USD) 19% 11% 7% 4% 2% $3.1m 32% 3.1 25% 1.9 1.8 1.6 2.4 Singapole Indonesia China Vietnam Hongkong UAE Brunei 3 Korea P&I Club
Financial highlights Free Reserve(USD) Combined Ratio $43m 83% 41 43 83 88 2012 30 39 37 2012 75 75 96 Credit Rating Risk Based Capital A-(excellent) 468% 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 8% 4% 3% 1.7% 1.7 85% 3 2012 3.5 3.7 3.9 Bank Saving Government Bond Financial Bond Special Bond 4 Korea P&I Club
Board of Directors Kwang yang BOYANG LTD. 5 Korea P&I Club
Claim Team E-mail : claims@kpiclub.or.kr Office : 82-2-3701-6805~19 Underwriting Team E-mail : uw@kpiclub.or.kr Office : 82-2-3701-6830~36 Management support team E-mail : finance@kpiclub.or.kr Office : 82-2-3701-6850~52, 6861~66 Contact 82-2-739-9755 Fax 82-2-739-1138 / 9759 17, Gukhoe-daero 68-gil Yeongdeungpo-gu, Seoul, Korea 07237 www.kpiclub.or.kr