KSA to introduce insurance cooperative system

The Korea Shipping Association will institute a cooperative system between domestic and overseas insurance companies for Asian countries such as Japan, China, and Taiwan for quick disposal for fraternal insurance troubles of overseas vessels.
The new overseas cooperative system will drive business cooperation with overseas insurance companies like Huatai Insurance Agency & Consultant Service Ltd/P.I.C.C in China and Nippon Kaiji Kentel Kyokai in Japan with Samsung Fire and Marine Insurance Co., Ltd. for P&I insurance.
The cooperative system will operate with overseas professional companies for the association to smoothly handle requitals at main ports in China and Japan for vessel fraternal insurance claims.
The association announced that it would strengthen business networks with companies dealing with overseas claims in China, Japan, Taiwan and elsewhere to handle things like vessel accident investigations and quick credit guarantees.