What to know about P&I insurance options in Canada
A tsunami. It strikes fear in the heart of any shipowner or business that faces maritime risks. This is why the best marine insurance coverage options are designed to help you stay afloat when worse case scenarios happen.
This P&I aka Protection and Indemnity liability coverage explainer contains insights for practically all risks associated with Canadian marine vessel operations.
Featured content – P&I : Marine Insurance explained
With P&I insurance the only risks generally excluded are those already covered by workers’ compensation policies and hull policies’ collision clauses.
How P&I differs from hull coverage
Unlike protection and indemnity insurance, hull insurance provides protection for physical damage to a vessel and any of its operating equipment and machinery.
Any vessel, including barges, tugboats, ther miscellaneous floating equipment and even some fixed properties, offshore oil rigs and similar installations, are all candidates for hull coverage.
You can learn more about specific ocean marine insurance coverages here.
DYK that standard P&I doesn’t exist? Here’s why…
Your protection and indemnity liability policy will be built with specific terms and conditions.
Underwriters of P&I insurance create bespoke protection and indemnity policies that precisely respond to the specific nature of the marine risk, the character of risk and the amount of insurance you want to purchase.
In the event of a protection and indemnity insurance claim it is important the insurance company is notified as soon as possible so the following can be done:
- Offer immediate advice as well as assistance
- Arrange to obtain relevant witness statements
- Arrange for damage inspections before repairs start, if necessary
- Advise on salvors appointments if the equipment &/or vessel is still in distress
To learn more about protection and indemnity insurance policies and other marine policies contact an ALIGNED Advocate today.
We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian owned, we are super proud to be one of the fastest growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram, LinkedIn and YouTube.