Protection and indemnity (P&I)

Versicherungsmakler HMB Hamburg Marine Insurance

Protection and indemnity insurance arose from the basic concept of the vessel owners to obtain mutual insurance for the eventuality of damage. The majority of the P&I clubs today continue to be mutual associations. Once a vessel owner becomes a member of one of these mutual associations, such vessel owner becomes a member, instead of the policyholder.

Besides the established P&I clubs, these days there are also providers who offer to cover P&I risks in accordance with the pattern of a classic insurance, i.e. every vessel owner holds an independent insurance policy.

It can essentially be said that a P&I club grants cover for third party liability claims. For this purpose, the P&I club makes use of of a global network of correspondents to assist with preventive measures as quickly as possible. By putting the insurance broker in between, it is ensured that a complex claim can be partially covered by both the hull insurance and/or P&I insurance so as to not leave a blind, uninsured spot. The hull insurance and P&I insurance together form the basic structure for insuring the vessel.

 

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