Protection and Indemnity (P&I) Insurance

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Protection and Indemnity (P&I) Insurance P&I insurance, is a form of mutual maritime insurance provided by a P&I club. It provides cover to shipowners, operators, and charterers for third-party liabilities encountered in the commercial operation of entered vessels. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure. It is a broad form of marine legal liability insurance coverage. A typical P&I policy covers loss of life, injury and illness of crewmembers, passengers, and other third parties, damage to cargo on board the vessel, damage to other floating objects not caused by collision, wreck removal costs, collision liability, damage to fixed objects. To an extend P&I insurance is compulsory. Over 90% of the world's merchant fleet is entered with the P&I clubs which provide third party liability insurance to the shipowners. As a rule of P&I clubs oblige shipowners to purchasing p&I insurance. P & I club is an association composed of ship owners members to support seafarers' safety and well being by providing the required necessities. P&I insurance is important because it protection is required for the safe working of seafarers and ships, and indemnity is necessary to compensate for any loss of life, environment and property. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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