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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.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income.
In 1956, in the preface to the fourth edition of Casualty Insurance Clarence A. Kulp wrote: Broadly speaking, it may be defined as a list of individual insurances, usually written in a separate policy, in three broad categories: third party or liability, disability or accident, and health, material damage.
One key reason: third-party litigation funding has become a billion-dollar money-maker for lawyers and insurance companies—and policyholders are paying the price for rising litigation.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
Boat insurance rates typically equal 1.5 percent of the boat’s insured value, though this figure can fluctuate greatly depending on the company and your location. Other expenses to keep in mind ...
Third party coverage - Coverage for an individual's liability at law to any third parties who have died or been injured, or any damaged to property resulting from an accident. Third party fire and theft coverage - The scope of cover described above with the addition of property insurance on the vehicle but only in terms of a loss resulting from ...
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related to: sailing insurance 3rd party liability insurance medical