Protection and Indemnity (P&I)
Protection and Indemnity insurance (P&I) provides cover for a wide range of third party liability risks arising in connection with the use and operation of ships, including: cargo, crew, personal injury to third parties, passengers, stowaways, collisions and non contact damage caused by vessels, damage to fixed and floating objects, pollution, wreck removal and fines.
Coverage can be arranged on a mutual or fixed premium basis, though approximately 90% of existing world tonnage is insured through one of the thirteen P&I Mutuals who collectively constitute the International Group of P&I Clubs. The mutual system, as embodied by the International Group, enables risk to be pooled between the Clubs where claims exceed a certain threshold (each Club's retention) and for the Clubs to collectively buy reinsurance at the lowest price achievable due to their market strength. This cooperation comes at the expense of each of the Clubs offering broadly the same cover terms and mutual Members accepting limited restrictions which impact on their ability to change from one International Group Club to another.
CLP Insurance Brokers will work closely with you to provide expert advice on whether cover should be arranged on a mutual or fixed basis and we will undertake a review of your business operations and any contractual agreements to ensure there are no gaps in cover for requirements that may fall outside of the standard P&I coverage offered.
Our knowledge and solid relationships with Underwriters of all P&I providers allows us to provide the best home for your insurance needs and to keep abreast of industry developments.
We can also provide assistance on the provision of Certificates of Financial Responsibility
(CoFRs) and Blue cards as required.