P&I: Marine Insurance Explained
P&I Insurance is liability insurance for practically all marine liability risks associated with the operation of a vessel, other than that covered under a workers compensation policy and under the collision clause in a hull policy; also referred to as, Protection & Indemnity Insurance.
There is no standard P&I insurance form. Each P&I insurance policy is created with specific terms and conditions for each insured tailored by underwriters based on the nature of the risk and the character and amount of insurance desired by the insured. Additionally note that since P&I insurance policies are essentially a contract of indemnity, the insurer is not obligated to pay unless the insured must actually pay the claim.
In the event of a P&I insurance claim it is important the insurance company is notified as soon as possible so the following can be done:
- offer immediate advice and assistance,
- if necessary, arrange for any damage to be inspected prior to repairs commencing,
- arrange to obtain statements from any relevant witnesses,
- advise on the appointment of salvors if the equipment/ vessel is still in distress.
For P&I claims examples click here.
To learn more about P&I insurance policies and other marine policies contact an ALIGNED Advocate today.
More About ALIGNED Insurance
ALIGNED specializes in delivering insurance and risk management solutions exclusively to Canadian businesses. Through our 18 points of differentiation and expertise, we deliver unmatched value to our growing portfolio of clients from all industries that range from small to large organizations.
We offer all of the following products:
Marine Liability: Hull & Machinery, Freight Forwarders Packages, Open Cargo Policies, Marine General Liability, Marine Surveyors Professional Liability
Property Insurance- Including Business Interruption & Extra Expense
Machinery Breakdown/Boiler & Machinery Insurance
Course of Construction(COC)
Wrap-up Liability Insurance
Commercial General Liability / CGL Insurance
Pollution Liability Insurance
Commercial Automobile & Fleet Insurance
Umbrella Liability Insurance
Cyber, Hacking & Privacy Liability Insurance
Crime/Fidelity/Employee Theft Insurance
Professional Liability/Errors & Omissions (E&O) Insurance
Kidnap & Ransom Insurance
Representations & Warranty Insurance
Surety & Bonding