SK Shipping’s protection and indemnity (P&I) insurance providers have declared the company “free business”, opening the door for potentially the biggest move of this year’s renewals.
TradeWinds understands the decision was made after the South Korean shipping company, working together with broker Aon, attempted to secure better rates from its existing providers Britannia, the Standard Club and Steamship Mutual.
However under the International Group Agreement the clubs have now decided to declare the SK Shipping account “free business” opening it up to free competition between the 13 members of the International Group of P&I clubs.
