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The Club also provides comprehensive cover for Hull and Machinery, plus associated lines of insurance from its London office. Hull and Machinery (H&M) insurance protects the vessel itself. There are a number of sub-classes under the H&M banner, such as Increased Value (IV), Loss of Hire and War.
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 overdue insurance of the Titanic was famously underwritten on the doorstep of Lloyd's. Cargo insurance: Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted. Valuable cargo is known as specie.
The Marine Insurance Act 1906 (8 Edw. 7. 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 ...
The P&I ("Protection and Indemnity") insurance provided by Skuld to its members is primarily to cover the liabilities which they incur to third parties arising out of the operation of their ships. The common types of claims which are covered are for death or injury to passengers and crew, oil pollution , cargo loss or damage, collision , wreck ...
Aviation insurance provides coverage for hull losses as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents. Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different ...
Norwegian Hull Club (NHC) is a mutual insurance company based in Norway. The company operates within the marine and offshore energy segments offering Hull & Machinery, Loss of Hire, Total Loss, War, Offshore Energy, Construction All Risks, Yachts, P&I and other related insurances.
The Central Union of Marine Underwriters (CEFOR) was founded August 15, 1911 by Norwegian and foreign insurance companies and is the marine insurance market organization of Norway. The members of CEFOR engage in hull and machinery insurance (blue water and coastal), protection and indemnity insurance, cargo insurance, legal defense, and war risks.