Maritime Glossary
P&I Club
Also known as: Protection and Indemnity Club, P&I
A mutual insurance association providing shipowners with liability coverage for cargo damage, pollution, crew injury, collision, and other third-party claims.
Status: ActiveVerified: Source confidence: high (97%)
Full Definition
P&I (Protection and Indemnity) Clubs are mutually-owned insurers covering liabilities not included under standard hull and machinery (H&M) policies: cargo loss/damage, crew illness/injury, collision liability (the ¼ not covered by H&M), oil pollution (CLC, OPA 90), wreck removal, and passenger claims. The thirteen clubs of the International Group of P&I Clubs (IG) cover ~90% of world ocean-going tonnage; large claims are shared via the IG pooling agreement and excess-of-loss reinsurance.
Domain Tags
insurancecommerciallegal