Protection And Indemnity Insurance
Protection and Indemnity (P&I) insurance 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 against claims. P&I insurance is typically purchased by ship owners and operators to protect themselves from financial losses resulting from accidents or incidents that occur during the course of their operations. P&I insurance is not mandatory, but it is highly recommended for all ship owners and operators.
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