Protection And Indemnity
Protection and Indemnity (P&I) is a type of marine insurance that provides coverage for third-party liabilities and expenses arising from owning or operating 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 purchased by ship owners and operators, and is often provided by mutual insurance associations. These associations are owned by their members, who pool their resources to provide coverage for each other.
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