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Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
The UK P&I Club is a marine mutual liability insurer in the United Kingdom providing P&I insurance for the global shipping industry. [1] [2] [3] The UK P&I Club is one of the 12 members of the International Group of P&I Clubs. [4] The club is one of the largest of the global P&I Clubs and in 2002 covered more than 100 million tons across 6,000 ...
The London P&I Club abbreviated also London Club, and The London Steam-Ship Owners’ Mutual Insurance Association Limited is a group of protection and indemnity insurance (P&I) companies for mutual maritime insurance representing global ship-owners, founded and registered in England 1866, incorporated in 1875.
c. 41) is a UK act of Parliament regulating marine insurance. The act applies both to "ship & cargo" marine insurance, and to P&I cover. The act was drafted by Sir Mackenzie Dalzell Chalmers, who had earlier drafted the Sale of Goods Act 1893. The act is a codifying act, that is to say, it attempts to collate existing common law and present it ...
In 1885 North P&I Club added cargo indemnity cover by merging with the local Steam Ship Owners’ Mutual and, by 1914, had become the leading P&I club in Britain. North P&I Club lost business after World War II with the decline of the British merchant navy. A gradual revival began in the 1960s with the appointment of managers Alec Murray and ...
A shipowner may sue a time-charterer or voyage-charterer in the event of breach of contract. For instance, if the charterer exceeds laytime, demurrage will have to be paid; and if the charterer cannot comply with a Notice of Readiness (NOR), the shipowner may repudiate (cancel) the contract of carriage and claim damages for any loss. [22]
When goods are carried by sea, they are effectively insured twice. First, prudent cargo-owners (shippers or consignees) will insure their cargo, and, secondly, carriers (shipowners) will have cover for third-party liability from their P&I Club. If the carrier is responsible for causing loss or damage, the P&I Club will pay; but if the carrier ...
It soon became a popular haunt for ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news. [20] Lloyd's Coffee House was the first marine insurance market. It became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ...