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The Underwriting Team establishes an underwriting policy, handles reinsurance-related matters, evaluates each vessel's underwriting risks and determines the terms & condition for insurance, including premium rates.

Korea P&I Club’s underwriters aim to establish an underwriting policy which coincides with the Club's purpose, to serve the best interests of all Members, and to meet the demands of individual ship owners. The team also diversifies risks to ensure the financial stability of the Club that may be adversely affected by large scale accidents, and optimizes reinsurance programs in order to provide our clients with high coverage amounts that would make up their claims. The Club arranges the reinsurance policy in line with its underwriting policy and to manage the risks at the most favorable terms. The Underwriting Team works with a reliable reinsurer with a high credit rating and constantly checks if the rating is maintained so.

The duties of the underwriting team involves (i) assessment of risks of individual vessels in light of the aforementioned underwriting policy and various factors, and (ii) calculation of insurance rates based on (A) the assessment and analysis of all the necessary data/information of the vessel in question, (B) comprehensive understanding of maritime industry, (C) practical knowledge and expertise, (D) risk research skills, (E) statistical analysis etc. Once the application for an insurance contract for a vessel is approved, the team concludes the contract and handles all matters which may occur during the term insured, including amendments to the insurance contract, renewals and any other documents necessary.

Our underwriting team provides a wide range of services to assist (or act for) members in (i) obtaining COFR (Certificate of Financial Responsibility) through ARVAK or SIGCO when their vessels plan to call at ports in the United States of America as well as (ii) issuing the Blue Card as required by CLC or Bunker convention.