This insurance, usually referred to as “P&I,” provides cover to shipowners, operators, and charterers for third-party liabilities encountered in the commercial operation of entered vessels. The main risks covered:
Loss of life, injury and illness of crew, passengers and other persons
Cargo loss, shortage or damage
Damage to docks, buoys and other fixed and floating objects
Fines and penalties
Vessel Diversion Expenses
Crew repatriation and substitution
Damage to property on board the insured vessel
Mutiny and misconduct by crew
Unrecoverable General Average contributions
Vessel’s proportion of General Average
Damage to hull
P&I: covers for illness, injury or loss of life of third parties, pollution, damage to third party property, GA, wreck removal, etc.
Costs: covers for costs like sue and labour, fines, stowaways, replacement of bunkers, etc.
Cargo owner legal liability
War, Bunkers, Freight, Detention, Piracy Loss of Hire, SOL etc.
Freight forwarding liability cover
Liabilities for loss of, or damage to, cargo
Liabilities arising from errors and omissions including delay and unauthorised delivery
Third party liabilities
Fines for regulatory breach such as customs, pollution and safety at work