protection and indemnity association
Quick Summary
Protection and indemnity (P. and I.) insurance is a type of marine insurance that protects shipowners against claims from third parties. This coverage is essential for the shipping industry and the maritime law that governs it.12
P. and I. Clubs, as they are commonly known, emerged as British shipowners banded together to insure each other against liabilities. These liabilities include damage to cargo, personal injuries, damage to fixed objects like piers and bridges, and a portion of the liability for damage to other vessels that hull underwriters might not cover. Marine insurance is the oldest form of insurance, with roots in medieval sea codes and the concept of general average, where participants in a maritime venture share losses.12
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