Protection And Indemnity (P&I) Insurance
P&I Insurance is liability coverage for watercraft. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels.
What it covers?
- Loss of life, injury and illness of crew, passengers and other persons
- Cargo loss, shortage or damage
- Collision
- Damage to docks, buoys and other fixed and floating objects
- Wreck removal
- Pollution
- Fines and penalties
- Mutiny and misconduct by crew
- Crew repatriation and substitution
- Damage to property on board the insured vessel
- Quarantine
- Vessel Diversion Expenses
- Unrecoverable General Average contributions
- Vessel's proportion of General Average
Who can buy P&I Insurance?
Marine & Diving contractors who have tugs & barges, ship, yacht and commercial operators of vessels used for business purposes, including bareboat, six-pack, head boats or demise charterers-lessees who take full control of a shipowner's vessel.