Protection & Indemnity (P&I) Insurance
P&I (Protection and Indemnity) insurance is a comprehensive liability insurance for damages to third parties.
P&I insurance covers the insured's legal liability arising from ship operations, in particular:
- Damage to or loss of cargo
- Personal injury of crew, passengers, or other persons on board
- Wreck removal
- (Excess) collision with other ships and floating objects
Optional for yachts:
- Water sport
- Using dinghies / jet skis
- Regatta participations (sailing yacht)
P&I insurance coverage complements the risk coverage range covered by marine hull insurance. For this reason, detailed risk analysis and coordination with the hull insurance are imperative for creating a comprehensive, individualized coverage concept.
There are two types of P&I insurers: One group consists of the P&I Clubs, which are committed to mutuality, and the other group, whose number has increased steadily in recent years, consist of providers offering P&I insurance against fixed premiums.