P&I insurance, or Protection & Indemnity insurance, is a type of maritime insurance that provides coverage for shipowners and charterers for third-party liabilities arising from the operation of a vessel. P&I insurance is typically required by shipowners and charterers.
P&I insurance provides coverage for third-party liabilities arising from the operation of a vessel, such as personal injury or death of passengers or crew, oil pollution, damage to cargo or other property, and other liabilities. P&I insurance policies typically include coverage for legal defense costs in the event of a claim or lawsuit. P&I insurance policies typically provide coverage for vessels operating in international waters and ports worldwide.
It’s important to note that P&I insurance policies can vary greatly, and policyholders should carefully review their coverage options to ensure they have the protection they need.
Additionally, many P&I clubs have their own specific rules and conditions, and policyholders should familiarize themselves with these before purchasing coverage.
It’s also important to regularly review your policy and update it as necessary to ensure that you have the coverage you need. This could be done as your vessel changes, you change its usage, or if you change the location of your vessel operations.
It’s advisable to consult with a specialist P&I insurance lawyer who can help you understand the coverage options available and help you find a policy that meets your specific needs.