Insights | Defining PI, P&I aka protection and indemnity insurance
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When you buy commercial insurance, we know how important it is to know what’s included and excluded. And with every industry struggling to keep up with the rapid pace of change, we also know that bookmarking a website that contains current and useful information can give you the edge when it comes to making business decisions. For these reasons and more, the Insurance Info section of our site is the go to spot for many people who want coverage insights.
Related Matters: Five star Google reviews: What people are saying about ALIGNED Insurance brokers online
We are constantly adding new content. An example of this is a recent post about weather-related risk insurance that’s now available in Canada. It’s called parametric insurance and it specifically measures weather risks and quickly delivers when a claims event occurs.
To understand what types of insurance people want to know more about, we ask our clients and regularly check out our Google Analytics. It’s here that we see day-to-day and year-over-year trends. And one insurance insight that readers keep coming back to again and again is about P&I insurance.
What P&I insurance is…and isn’t…
Hint…Pi insurance doesn’t have anything to do with the Greek alphabet or 3.14159. When it comes to setting a course as a different kind of insurance brokerage, we navigate uncharted waters with pride. This is why we prepped this explainer about a specific type of liability insurance. Known interchangeably as PI, P&I and/or Protection and Indemnity, this form of liability insurance is for practically all risks associated with the operation of a marine vessel.
The only risks generally excluded are those covered under a workers’ compensation policy and under the collision clause in a hull policy.
Related Matters: Hull coverage provides protection for physical damage to a vessel and any of its operating equipment and machinery. Any vessel, including tugboats, barges, other miscellaneous floating equipment and even some fixed properties, offshore oil rigs and similar installations, are all candidates for hull coverage. Learn more about ocean marine insurance here.
If you are looking at marine insurance it’s important to understand that no such thing as a standard PI / P&I / Protection & Indemnity form exists. Rather, every single Protection and Indemnity liability policy is created with specific terms and conditions. A PI insurance underwriter curates a bespoke P & I policy that precisely responds the nature of the risk, the character of risk as well as to amount of insurance you want to buy.
Every P & I policy is essentially a contract of indemnity. As such, the insurance company is not obligated to pay unless the insured business must actually pay the claim.
It is vitally important that you notify your insurance company and ALIGNED Insurance broker as soon as possible in the event of a P&I insurance claim situation. You can expect ALIGNED and your Protection and Indemnity insurer to provide a timely response to your claim. Specifically, your insurer will:
- Provide immediate advice and assistance;
- Arrange to obtain statements from any relevant witnesses;
- Ensure any damage is inspected prior to repair (if necessary); and
- Advise on the appointment of salvors if the insured equipment / vessel is still in distress.
To learn more about other marine policies go to Insurance Info on our site or connect with one of our Canadian Business Insurance Brokers today at 1-866-287-0448 or just CLICK HERE!
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