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What is Protection & Indemnity Insurance?
What is Marine Protection & Indemnity (P&I) insurance?
Why do you need Marine Protection & Indemnity Insurance?
What is the liability section of a boat insurance policy?
Apr 8, 2019 · Protection and indemnity (P&I) liability insurance is specifically designed to address the unique needs of the marine industry.
- Bethan Moorcraft
Bethan Moorcraft was a senior editor at Insurance Business....
- Bethan Moorcraft
- The Need For Marine Protection and Indemnity Insurance
- Loss of Life, Illness Or Injury to Crew Member and Passengers
- Medical Expenses
- Age of Employees
- Damage to Other Vessels
- Read The Policy Documents to Know The Exclusions
- Conclusion
Ship-owners, today, require coverage beyond traditional ones. They are exposed to a range of unique third party liabilities that could result in expensive lawsuits. Settling them can pinch finances hard. Therefore, ship owners need to have this coverage for comprehensive protection. For example, an oil spill from a ship can cause environmental dama...
Marine protection and indemnity insurancewill help you settle claims arising due to loss of life, illness or injury to the vessel’s crew members and passengers. In the past, many cases of crew members and passengers losing their lives or injuring themselves on ships have come to the fore resulting in expensive litigation for ship owners.
Treatment of injured crew members and passengers can be an expensive affair. Marine protection and indemnity insurance can help ship owners bear these costs to some extent.
Age is a critical factor while buying health insurance, and group health insurance policyis no different. Risk increases with age as the body becomes vulnerable to several ailments. If the employees’ age is on the higher side, you need to pay a higher premium towards the plan.
If your vessel accidentally causes damage to another ship, the other ship-owner can sue you. However, marine protection and indemnity insurance can help you pay for the damages and cover the legal cost. Along with these coverages, this insurance policy also covers costs for removing wrecks, repatriation of crew members, wars and political risks, am...
Like marine cargo and inland marine insurancehave exclusions, this policy also has a few exclusions. The policy will not cover risks under a worker’s compensation policy or a collision clause under a hull insurance plan.
As evident, marine protection and indemnity insurance provides coverage against a range of third party liabilities. Purchasing it can help ship owners fortify their coverage significantly. It’s wise to compare multiple plans before buying and choose the one that best fits your needs. 1. Marine Insurance 2. Product Code: 2005 3. Product UIN: IRDAN11...
Feb 26, 2024 · Indemnity insurance is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder. Indemnity insurance is...
Feb 29, 2024 · What Does Protection And Indemnity Insurance Mean? Protection and indemnity (P&I) insurance policies cover the owners and operators of water vehicles from liabilities arising from their ownership and operation of these vehicles.
Aug 21, 2024 · The marine insurance definition refers to it as insurance policies providing financial protection against potential uncertainties and risks associated with maritime and shipping activities. Its main purpose is to offer indemnity or monetary compensation to the insured organization if a covered damage or loss materializes.
Boat insurance provides essential protection, but understanding policy limitations is important. By discussing tailored coverage with your insurance agent or carrier, you can confidently take to the water knowing your unique needs are met.
The liability section, sometimes referred to as Protection & Indemnity, covers your legal obligations to third parties. This legal liability can arise from bodily injury or loss of life, or damage to someone else's property, as a result of the ownership or operation of your boat.
