Protection and Indemnity Insurance
What is Protection and Indemnity Insurance?
Protection and Indemnity Insurance, often referred to as P&I Insurance, is a specialized form of marine liability insurance that provides coverage for a wide range of risks faced by shipowners, operators, and charterers. This type of policy offers financial protection against liabilities from third-party claims for bodily injury, property damage, collision, pollution, wreck removal, cargo loss, and other related risks. P&I Insurance not only covers legal expenses and compensation payments but also provides assistance and support services, such as claims handling and legal representation. It’s a vital component of comprehensive marine insurance programs and is typically offered through mutual insurance associations or clubs.
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