The British Steamship P&I Association (Bermuda) Mutual Liability Insurance Club is formed by shipowners and marine insurance professionals to provide insurance coverage on a mutual basis in the form of protection and compensation for its members.
The British Shipping Association P&I (Bermuda) offers risk placement solutions for shipowners and ship operators based on its confident risk management and high quality insurance, supported by an all-encompassing reinsurance program.
Club members share their responsibility on the basis of reciprocity with other shipowners insured against the same risks.
The Club is managed by British Steamship Management Limited (BSM), a professional risk management company that is responsible for the Club’s day-to-day operations and operational management. The management team consists of professionals from the field of marine insurance, ship classification, survey, Maritime Administrations of various flags, specialists in the field of finance and maritime law.
Focusing on the business that they know best, this team of professionals is able to effectively provide the best quality of balanced insurance service along with full protection against the consequences of large-scale disasters and the associated need to pay additional contributions. The Club’s management has extensive experience in the maritime market in the relevant regions (Eastern Europe, the Far East Pacific Basin, Southeast Asia), which allows us to provide optimal risk coverage packages with conditions developed individually for each member of the Club.
BSM correspondent offices in Singapore, Shanghai and Moscow serve the purposes of daily operational work and marketing, allowing us to provide the most effective service in the regions, as close as possible to customers.
The Club provides P&I insurance (protection and compensation) and FD&D (assistance in preventing and resolving disputes and court costs) for small and medium tonnage vessels, and on very democratic and flexible terms. Unlike many other P&I clubs, the British Steamship P&I Association (Bermuda) does not refuse to accept vessels of small shipping companies under various flags and classes, including the class of classification societies that are not members of the IACS, and even vessels that do not have any class. It is possible to accept vessels into the Club both one by one and as part of the whole fleet, with the use of significant discounts.
The club introduces commercial and non-military vessels, including bulk carriers, container ships, tankers and passenger vessels with a gross capacity of up to 40,000 BRT.
The members of the club are mainly private shipping companies.
Since 2015, the Club has been providing liability insurance for yacht owners (motor and sailing pleasure craft). Due to its stable extensive connections in the shipping business and in the field of marine insurance, the Club Manager – BSM receives constant support from qualified local and international brokers, agents, surveyors and shipping companies and marine specialists.
Coverage volume
The British Steamship “P&I” Association (Bermuda) provides such P&I and FD and development coverage to its members, which includes (but is not limited to) the following:
Class I – P&I, Protection and Compensation
This type of insurance provides coverage of the shipowner’s liability to third parties during the operation of the vessel. Cargo claims, shipowner’s liability to crew members and other persons, stowaway passengers and refugees, liability for pollution, collision or damage to floating and stationary objects, property of third parties, removal of shipwreck remnants, general accident, rescue, liability under towing contracts, quarantine costs, fines – these are typical examples of such risks.
Class II – FD&D, Reimbursement of legal costs
This type of coverage provides members with practical support and expert assistance in preventing and resolving disputes arising during the operation of the vessel. Legal costs and expenses incurred in connection with the settlement of these disputes are also covered.
Liability limit and reinsurance
The liability limit of up to 500 million US dollars for each vessel can be provided without additional approvals. The Club carries out 100% reinsurance of all accepted risks in order to best protect the interests of its members. The reinsurance program is placed on the European market with a high level of reliability.
Input procedure
1. The owner of the vessel submits a request with minimal information for quotation (the form can be downloaded on the Club’s website) through a broker or agent;
2. The Club’s underwriter analyzes the risks and provides a quotation for the vessel(s);
3. If the shipowner confirms the quotation, a pre-entry inspection of the vessel (Pre-entry survey) is planned and agreed upon;
4. The Club evaluates the received Pre-entry inspection report (Pre-entry survey report).
5. If the Club is satisfied with the condition of the vessel and its management, the Club issues a Certificate of Entry (Certificate of Entry, an analogue of an insurance policy).
If there are shortcomings based on the results of the inspection, then the terms and conditions for their elimination are established. If there are serious deficiencies affecting the safety of the vessel, people and the environment, the Club may limit its liability for a period until such deficiencies are completely eliminated, or the vessel may be refused admission to the Club. Payment of the annual fee specified in the confirmed quotation is made within the time limits set in the debit note issued by the Club. It is possible to install an annual contribution with a breakdown of the payment into several payments (for example, 4 equal payments per year).
Correspondents
The British Shipping Association P&I (Bermuda) considers its correspondents to be the most important part of its work, through them the Club’s service extends to all major ports around the world, and they allow you to receive the latest information on risk management in all parts of the globe in a timely manner.
Each correspondent has a detailed practical knowledge of the rules and practices in their ports, and local correspondents can provide direct support and recommendations to Club members. A detailed list of contacts of the Club’s international correspondents is available on its website:
Contact information
Manager BRITISH STEAMSHIP MANAGEMENT LIMITED
Singapore Correspondent Office
BSM P&I SERVICES PTE LTD
7 Temasek Boulevard, #14-03A Suntec Tower One, Singapore 038987
Moscow Correspondent Office
Accredited Representative Office of BSM P&I Services Pte Ltd
125080 Moscow, Volokolamskoe highway, 1, p. 1, room I, room 89, office 20.
Tel: +7 9629608338; +7 9689352414
Email: moscow@britishsteamship.com , boris.p@britishsteamship.com
+382 30 302631
