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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 overdue insurance of the Titanic was famously underwritten on the doorstep of Lloyd's. Cargo insurance: Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted. Valuable cargo is known as specie.
In 1967 North P&I Club absorbed the neighbouring Neptune P&I club, bringing a number of Irish and Yugoslav vessels. On 20 February 1998 it merged with the Newcastle club, adding some 5 million GT of shipping and 30 staff. Two years later North P&I Club absorbed the business of the Liverpool and London club, adding another 5 million GT.
Gard is a mutual company and operates around the world within marine insurance. It is the largest Protection & Indemnity insurer of the 12 P&I Clubs that are members of the International Group of P&I Clubs. Gard's customers are shipowners and operators, shipyards, and companies involved in the upstream oil and gas markets, and windfarm operators.
Marine surveying is closely associated with marine insurance, damage and salvage, and accident and fraud investigation as insurers generally rely on the specific training and skills of a marine surveyor to perform a detailed assessment of the condition of a vessel. Marine surveyors may be hired on a fee basis by customers seeking insurance ...
In marine insurance, conventional marine insurers such as Lloyds will issue policies covering hull & machinery, or cargo, whereas P&I clubs cover third-party risks (such as a carrier's damage to cargo), pollution risks, and war risks. The term "total loss" can refer to any of these risks, but commonly involves a loss of the hull or cargo.
The Marine Insurance Act 1906 (8 Edw. 7. c. 41) is a UK act of Parliament regulating marine insurance. 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 ...
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.