IOPC Funds signs agreement with Association of Commercial P&I Insurers (ACPII)

On behalf of the organisation, the IOPC Funds’ Director signed a Memorandum of Understanding with the Association of Commercial P&I Insurers (ACPII) on 30 October 2023.

This agreement follows discussions within the sessions of the IOPC Funds’ governing bodies in recent years in respect of incidents involving insurers that are not part of the International Group of P&I Associations. The Association was formed in April 2022 to support and promote quality commercial P&I insurers.  Commercial, fixed premium P&I insurers cover around 10% of the world’s tonnage and, as at October 2023 the Association counts some 337 tankers within its membership.

Director, Gaute Sivertsen, has had a number of meetings since 2022 with ACPII and was pleased to welcome Ms Liv Irene Loland, Secretary of the Board of ACPII and Mr Tor Erik Andreassen, Chairman of Hydor, one of the Association members,  to the IOPC Funds’ offices, where they signed the MoU confirming that the two parties were committed to cooperating in the event of an incident involving an ACPII-insured tanker.