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Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] 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.
The London P&I Club abbreviated also London Club, and The London Steam-Ship Owners’ Mutual Insurance Association Limited is a group of protection and indemnity insurance (P&I) companies for mutual maritime insurance representing global ship-owners, founded and registered in England 1866, incorporated in 1875.
The UK P&I Club is a marine mutual liability insurer in the United Kingdom providing P&I insurance for the global shipping industry. [1] [2] [3] The UK P&I Club is one of the 12 members of the International Group of P&I Clubs. [4] The club is one of the largest of the global P&I Clubs and in 2002 covered more than 100 million tons across 6,000 ...
In 1885 North P&I Club added cargo indemnity cover by merging with the local Steam Ship Owners’ Mutual and, by 1914, had become the leading P&I club in Britain. North P&I Club lost business after World War II with the decline of the British merchant navy. A gradual revival began in the 1960s with the appointment of managers Alec Murray and ...
Assuranceforeningen Gard, the P&I Club, was founded in Arendal, Norway in 1907. Historically, Arendal was an important shipping centre at that time, but the establishment of Gard was also driven by the reluctance of owners of sailing ships to subsidise the liabilities arising from owners operating steam ships.
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The act applies both to "ship & cargo" marine insurance, and to P&I cover. The act was drafted by Sir Mackenzie Dalzell Chalmers, who had earlier drafted the Sale of Goods Act 1893. The act is a codifying act, that is to say, it attempts to collate existing common law and present it in a statutory (i.e. “codified”) form.
Skuld was established in 1897 in Oslo, Norway, as the first P&I Club outside the United Kingdom. The name has its origins in Norse mythology, according to which Skuld is one of the powerful goddesses known as norns who weave the threads of destiny. The purpose of the association is "mutual insurance against liabilities and losses incurred by ...