Protection and Indemnity (P&I) Insurance is uniquely designed to confront the needs of the marine industry. This type of insurance covers almost every maritime liability risk associated with owning and operating a vessel. It covers loss of life or injury to crew, passengers or third parties, damage caused to cargo during transit, environmental damage and political risks.
Providers of P&I insurance are often referred to as ”Clubs”, these clubs are a mutual insurance association controlled by ship owners and operators that provides risk pooling, information, representation and risk mitigation for its members.
What does Protection and Indemnity Insurance cover?
- Loss of Life, Injury and Illness of Crew, Passengers and Other Persons
- Liability Claims as a Result of Collision
- Loss or Damage to Cargo
- Damage to Fixed or Floating Objects Such as Docks
- Damage to Property on Board the Insured Vessel
- Pollution or Oil Spill
- Cost from Fines or Penalties
- Cost of Quarantine
- Substitution and Repatriation of Crew
- Wreck Removal