P&I Insurance
P&I (Protection and Indemnity) insurance is a type of marine insurance that provides coverage for shipowners, operators, and charterers against third-party liabilities arising from the operation of a vessel. P&I insurance covers a wide range of risks, including damage to cargo, pollution, collision, personal injury, and loss of life. It also covers legal costs and expenses incurred in defending claims against the insured. P&I insurance is typically provided by mutual insurance associations, which are owned by their members and operate on a non-profit basis. Shipowners are required to have P&I insurance under international maritime law, and it is often a condition of charter agreements.
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