What does protection and indemnity cover?
What does protection and indemnity cover?
Subject to exclusions and conditions, the 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.
What is the role of P&I Club?
P & I club is an association composed of ship owners members to support seafarers’ safety and well being by providing the required necessities.
What is the UK club?
The UK Club focusses on financial strength through sound management. This is the best way to serve our Members’ interests, now and in the future. This policy has enabled the Club to be one of the financially strongest clubs in the International Group.
What is P&L Club?
A P&I club is a non-profit marine insurers’ association. It is a group of shipowners who mutually indulge in the coverage of their own civil liability risks.
What is not covered by the protection and indemnity policy?
There is no standard insurance form for P&I coverage, though most will cover losses related to illness, injury, loss of life, medical expenses, damage to other vessels and property, damage to cargo, wreckage removal, and quarantine expenses.
How many P&I clubs are there?
13 P&I clubs
Currently, the IG consists of 13 P&I clubs who between them provide marine liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage..
What is P&I and H&M?
H&M is the insurance for the hull and machinery of the own vessel (except for collision cases where it pays for the 3/4th of the liability towards the other vessel). P&I is insurance for the claims from the third party.
What is P&I and H&M insurance?
Traditionally, H&M insurance covers the repair damage to ‘own ship’ plus ¾ of the liability for the damage and consequential losses to the other vessel (but only up to the insured value of ‘own ship’). Customarily, P&I covers the remaining ¼ plus any excess balance.
What is “Protection & Indemnity”?
“Protection & Indemnity” as the name suggests, means that the club protects a member from incurring or minimizing liabilities. If, however, the member becomes liable then the club will indemnify him for such losses in the terms of his entry.
What is a P&I Club?
Setting the standard Thomas Miller manages the UK P&I Club – one of the oldest P&I clubs in the world. It provides protection and indemnity insurance in respect of third party liabilities and expenses arising from owning ships or operating ships as principals.
Why choose the UK club for your insurance?
The UK Club offers a tailored solution to provide extended cover beyond your standard P&I policy for additional risks for both Owners and Charterers. We offer market leading Charterers & Traders liability cover shaped around the specific needs of the Assured.
Can the UK club comment on confidential insurance or potential claims?
While the UK Club is unable to comment on any confidential insurance or potential claim details, all valid claims will be considered by the vessel owner, the UK Club and its legal advisors in due course.
