A reinsurance surcharge on passengerships in the wake of recent ferry and cruise tragedies is in prospect at the Korea Shipowners’ Mutual Protection & Indemnity Association (KPIA).
Members of the Seoul-based mutual are already charged a reinsurance tariff but there has not so far been any differentiation by ship type.
The 13 International Group clubs already discriminate between clean and dirty tankers, dry cargo vessels and passengerships, with the latter paying more than seven times the rate per gross ton (gt) of a bulker and almost five times that of a crude carrier.
KPIA
