What is P and I Club?
A Protection and Indemnity or P&I club is a non-governmental, non-profitable mutual or cooperative association of marine insurance providers to its members which consists of ship owners, operators, charterers and seafarers under the member companies.
What is an overspill claim?
An Overspill Claim is a claim on either the Association or any one of the other P&I clubs which are parties to the Pooling Agreement that exceeds or may exceed the Group Reinsurance Limit. 2. The Group Reinsurance Limit may vary from Policy Year to Policy Year.
What does protection and indemnity cover?
The Protection & Indemnity policy provides coverage for a vessel owner’s liabilities arising out of the operation of scheduled vessels such as damage to third party property, third party individual’s bodily injury or death and injury or death to vessel passengers or crew.
What is P&I and H&M?
Hull & Machinery (H&M) insurance covers damage to the vessels structure, machinery and equipment while P&I insurance covers for shipowners liability to others. Insurance, in general, covers damage as a result of an unforeseen and unexpected event.
What are P&I calls?
All these requests to the shipowners for the payment are called “Calls”. So these may be. Advance calls (Paid when a shipowner joins the club or at the beginning of year) Supplementary calls (Paid when the funds have gone down because of claims paid )
What are the risk covered by P&I Club?
The IG Clubs cover a wide range of liabilities, including loss of life and personal injury to crew, passengers and others on board, cargo loss and damage, pollution by oil and other hazardous substances, wreck removal, collision and damage to property.
What are the function of P&I Club?
A P&I club is a mutual insurance association that provides risk pooling, information and representation for its members. Unlike a marine insurance company, which reports to its shareholders, a P&I club reports only to its members.
How do P and I clubs work?
What is P & I liability?
Definition. Protection and Indemnity (P&I) Insurance — liability insurance for practically all maritime liability risks associated with the operation of a vessel, other than that covered under a workers compensation policy and under the collision clause in a hull policy.
What is a PI Club in shipping?
Also known as Protection and Indemnity Club, a P&I Club is a non-governmental, non-for-profit mutual insurance association providing marine insurance to its members. These members include shipowners, operators, charterers, and seafarers under the member companies.
What is the extent of a P & I Club’s cover?
P & I cover for pollution liabilities is generally to the extent that the pollution is as a result of an escape or discharge or threatened escape or discharge of oil or any other substance.
What does commercial general liability cover?
A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. It covers non-professional negligent acts.
Is a P&I club an insurer?
What is the main objective of Protection and Indemnity Insurance P&I Club?
It covers practically all maritime liability risks associated with the ownership and operation of a vessel, including third-party risks for damage caused to cargo during transit, risks of environmental damage such as oil spills and pollution, war, and political risks.
What are the three sections of commercial general liability?
In technical terms, there are three primary coverage sections that make up a CGL policy: premises liability, products liability, and completed operations. A CGL policy protects your business from financial loss resulting from claims of injury or damage to others caused by you or your employees.
What is the difference between general liability and commercial general liability?
General liability insurance helps protect you from claims that your business caused bodily injury or property damage. It can also protect you if someone sues you for advertising injury. Commercial property insurance covers your business’ physical location and equipment, whether you own or lease it.
What is the international group of P&I Clubs?
Please try again later. The thirteen P&I Clubs which comprise the International Group (the “Group”) between them provide marine liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage.
What does the International Group do?
The International Group is able to share all 13 Group Clubs’ collective expertise on marine P&I liability issues to assist all Club shipowner members and help to facilitate global trade.
What is the IG?
The International Group of P&I Clubs (the IG) is an unincorporated association of the 13 principal underwriting Protection & Indemnity (P&I) Associations (Clubs) and their Affiliated Associations and Reinsured Entity, that between them provide liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage.
Who are the north of England P&I designated activity companies?
The North of England P&I Designated Activity Company (North EU) Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd. The Standard Club UK Ltd.