Labuan – November 11, 2019 – Archipelago Insurance Limited (Archipelago) and Perlindungan dan Indemniti Malaysia Sdn Bhd (P&I Malaysia) are pleased to announce they have entered into a strategic collaboration, combining Archipelago’s leading international insurance solutions services with P&I Malaysia’s vital strategy-led government agency to create awareness on the importance of marine ‘protection & indemnity’ insurance and safety to small tonnage ship operators in Malaysia.
Perlindungan dan Indemniti Malaysia Sdn Bhd (1156424T) better known as P&I Malaysia, incorporated on 21 August 2015, is the creation of the Government of Malaysia and the brainchild of Ministry Of Transport Malaysia (MOT). The first task entrusted to P&I Malaysia was to create an affordable marine liability insurance scheme to facilitate compliance with the compulsory insurance requirement under the Merchant Shipping Ordinance 1952 (as amended by Act A1393) for small ship operators below 300GT. However, it’s main and primary aim is to establish a marine mutual association as a Club or to establish a first ever National Fixed Premium P&I Marine Insurer.
P&I Malaysia have now completed Phase 1 (first 3 years) of its operations where its primary role was to create awareness on the third-party liability insurance requirements amongst small tonnage ship operators and owners whilst promoting safety awareness Peninsular-wide apart from providing affordable insurance policies. The need has led to a collaboration between P&I Malaysia and Archipelago Insurance Limited, a Labuan-based insurance company. The collaboration was meant to enhance the security and safety awareness by creating affordable and easy to understand policy terms and conditions incorporating its National Language, Bahasa Malaysia into the policy schedules.
“We look for to provide innovative risk solutions to our clients. Malaysian P&I stands as a forefront of insuring small tonnages and protecting environmental interests of Malaysian territorial waters,” said Ian Lim, Founder and Group CEO of The Archipelago Group.
P&I Malaysia CEO Rudy Andrew Jeyaraj said the company needs to provide for the 3,500 uninsured vessels weighing under 300 gross tonnes while looking towards sustainability. “P&I Malaysia is pleased with the collaboration with Archipelago as this small tonnage scheme requires a non-traditional approach to claims management, tailored and structured underwriting solutions coupled by a strong and innovative value proposition for small boat operators,” Rudy said.
The P&I Malaysia-Archipelago is a power collaboration. It aims is to play the following roles, but not limited to-
On a positive note, in August 2019, Marine Department of Malaysia has recognised Archipelago Insurance Limited as the first Labuan based insurance group to issue the Insurance Certificate (Blue Card; up to 3000 GT) “International Convention on Civil Liability For Oil Pollution Damage, 1992)” (CLC 1992), “International Convention On Civil Liability For Bunker Oil Pollution Damage, 2001” (BCC 2001) and “Nairobi International Convention On the Removal of Wreck, 2007” (WRC 2007). Hence, with this strategic collaboration, P&I Malaysia and Archipelago’s role also include building local talent capacity and expertise, cooperation and collaboration with maritime agencies in streamlining maritime administration to improve on enforcement, uniform data collection for risk profiling, industry awareness and Malaysia’s regional branding as a trusted competent and reliable marine insurance provider
The Archipelago Group is a multi-line Labuan Midshore Direct Underwriter offering general, life, general or life protected cell captives and captive management services for both Conventional and Takaful risks. The Archipelago Group is a Labuan Financial Services Authority (LFSA) registered and licensed insurance group with its co-located office in Kuala Lumpur. It operates within the Labuan International Business and Financial Centre regulated framework and is a member of Labuan International Insurance Association (LIIA). The Group provides a unique brand of bespoke and personalised insurance financial solutions across Asia.
P&I Malaysia is governed by a Board of Directors comprising one representation each from the Ministry of Transport (MOT), Ministry of Finance(MOF), Marine Department of Malaysia (MARDEP) Maritime Institute of Malaysia (research arm of MOT), Malaysia Shipowners’ Association (MASA) and Port Authorities (LPJ). These representatives together with its CEO shall ensure this very establishment fail-proof. For more information about P&I Malaysia Sdn Bhd, please visit www.pnimalaysia.my