What is P&I club? A Protection and Indemnity or P&I club is a non governmental, non profitable mutual or co operative association of marine insurance providers to its members which consists of ship owners, operators, charterers and seafarers under the member companies. Why P&I insurance is Important? The three important elements of shipping industry are ship, seafarers and cargo. The one element which is directly connected to all the three mentioned is the “Risk” involved in transporting the cargo on ship by seafarers. Due to the “Risk” factor, a ship owner can face huge monitory losses if his/her ship meets an accident and there is damage to the environment, cargo or to the ship. Also, the risk to the lives of seafarers is kept above all and thus P & I insurance is a very important aspect of sailing. During the sea service, the most valuable element onboard i.e. human life can be at risk due to illness, injury by accident or even death by hazards. A P&I club provides compensation in the form of insurance cover for above mentioned reasons to the seafarers. This not only helps him in the difficult time but also to the seafarer’s family in case of death of their earning member. What P&I insurance covers? Personal injury, Illness and death claims from crew, passenger and etc. Stowaways and its repatriation arrangement. Cargo claims for damage or loss of the same. Unrecoverable GA contributions. Liability due to collision. Damage to fixed and floating objects ( Jetty, Pier, marine animals, Rig, Fishery Facility and etc) Liability under approved towage contracts Removal of wreck Salvage operations Civil liabilities imposed due to pollution or oil spill Other fines
Posted on: Tue, 01 Oct 2013 07:19:52 +0000
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