Protection and Indemnity

PROTECTION AND INDEMNITY

Protection and indemnity insurance, more commonly known as “P&I” insurance, is a form of mutual maritime insurance provided by a P&I Club.^[1] Whereas a marine insurance company provides “hull and machinery” cover for shipowners, and cargo cover for cargo owners, a P&I Club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier’s third-party risks for damage cause to cargo during carriage;^[2] war risks;^[3] and risks of environmental damage such as oil spills and pollution. In the UK, both traditional underwriters and P&I clubs are subject to the Marine Insurance Act 1906.

A P&I Club is a mutual insurance association that provides risk pooling, information and representation for its members. Unlike a marine insurance company, which reports to its shareholders, a P&I club reports only to its members. Originally, P&I Club members were typically ship-owners, ship-operators or demise charterers, but more recently freight forwarders and warehouse operators have been able to join.

Whereas the assured pays a premium to an underwriter for cover which lasts for a particular time (say, a year, or a voyage), a P&I Club member instead pays a “call”. This is a sum of money that is put into the Club’s pool, a kind of “kitty”. If, at the end of the year, there are still funds in the pool, each member will pay a reduced call the following year; but if the Club has made a major payout (say, after an oil spillage) club members will immediately have to pay a further call to replenish the pool.

There is an International Group of P&I Clubs based at Peek House, London.^[4] These Clubs cooperate to provide funds in the event of huge claims using a complex system to determine liability.

Perlindungan dan ganti rugi asuransi, lebih dikenal sebagai “P & I” asuransi, adalah bentuk asuransi maritim saling disediakan oleh P & I Club.

[1] Sedangkan perusahaan asuransi marine menyediakan “hull dan mesin” penutup untuk pemilik kapal, dan penutup kargo untuk kargo Pemilik, P & I Club menyediakan penutup untuk risiko terbuka bahwa asuransi tradisional enggan untuk memastikan. Khas P & I meliputi meliputi: risiko pihak ketiga pembawa untuk menyebabkan kerusakan pada kargo selama pengangkutan;

[2] risiko perang;

[3] dan risiko kerusakan lingkungan seperti tumpahan minyak dan polusi. Di Inggris, baik penjamin tradisional dan P & I Club tunduk pada Undang-Undang Asuransi Kelautan 1906.

P & I Club adalah asosiasi asuransi mutual yang menyediakan pooling risiko, informasi dan representasi bagi para anggotanya. Tidak seperti perusahaan asuransi laut, yang melaporkan kepada pemegang saham, P & I club laporan hanya untuk anggotanya. Awalnya, P & I klub anggota yang biasanya pemilik kapal, kapal-operator atau penyewa kematian, tetapi baru-baru freight forwarder dan operator gudang telah mampu bergabung.