Protection and indemnity
From Supply Chain Management Encyclopedia
Full Form Marine Protection and Indemnity Insurance to at least the full value of the vessel and including third party and statutory pollution liability and crew coverage consisting of but not limited to transportation, wages, maintenance and care. Protection and indemnity insurance (P&I) is a form of marine insurance provided by a P&I Clubы. The P&I Clubs (e.g., Shipowners' Club in Canada now has 6,133 Members, 28,227 vessels and 16,583,572 GT. There are just under 100 staff across the four offices. [1]) are mutual (i.e. co-operative) insurance associations that provide cover for its members, who will typically be ship-owners, ship-operators or demise charterers. Unlike a marine insurance companies, which are answerable to its shareholders, a P&I Clubs are the servants only of its members [2].
