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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.
Although Gard's P&I business started in 1907, its marine insurance activities can be traced back to as far as 1867 with the establishment of Æolus, [2] which later became part of the Storebrand group. Over time, the importance of Arendal as a major Norwegian shipping-hub waned. The Second World War also took a heavy toll on owners insured with ...
Singapore Arthur J. Gallagher & Co. acquired Singapore-based ITI Solutions Pte Ltd. in 2011. [ 13 ] ITI is a specialist insurance broker with expertise in marine cargo, political risk, trade credit risk, and specialty lines.
Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
Assuranceforeningen Skuld (Gjensidig) is an international marine insurance mutual based in Oslo, Norway that specializes in protection and indemnity insurance and marine insurance. Total premium income for 2023/24 was US$527 million.
On 28 February 2014 North P&I Club acquired Sunderland Marine Mutual Insurance Company Limited, [5] a leading insurer of fishing vessels, small craft and aquaculture risks. Established in 1882 in Sunderland , Sunderland Marine is now based in Newcastle-upon-Tyne following the 2014 merger with global marine mutual insurer North.
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MPA harbour launch in the Johor Strait near Pulau Ubin. The Maritime and Port Authority of Singapore (MPA) was established on 2 February 1996 by the MPA Act of 1996 through the merger of the Marine Department (which was under the then Ministry of Communications), National Maritime Board and the Regulatory departments of the former Port of Singapore Authority (PSA).