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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.
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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.
This led to marine insurers competing in the fire insurance marketplace against fire insurance companies. Ultimately, the National Association of Insurance Commissioners in the United States regulated the situation, adopting a Nationwide Marine Definition in 1933 which laid out what types of property were eligible for "inland marine" insurance ...
An auto insurance claim is essentially your way of notifying your insurance provider that you’ll need to use your policy to cover expenses after your car is damaged in a covered incident. The ...
Maritime law is inherently international, and although salvage laws vary from one country to another, generally there are established conditions to be met to allow a claim of salvage. [1] The vessel must be in peril, either immediate or forthcoming; the "salvor" must be acting voluntarily and under no pre-existing contract; and some life or ...
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 ...
A guide to help you understand homeowners insurance policies and coverage types. ... Trampolines: Based on your provider’s experience with trampoline-related claims, they may choose to include ...