P&I Policy

A P&I (Protection and Indemnity) policy is a specialized maritime insurance coverage that protects shipowners and operators against liabilities and expenses arising from their vessel operations. This includes costs related to injuries or deaths of crew or third parties, pollution, and damage caused to other ships or property. It also covers legal defenses and claims. Essentially, P&I insurance helps manage financial risks associated with maritime liabilities, ensuring that owners can cover unexpected liabilities without jeopardizing their financial stability. It’s an essential part of responsible vessel operation and risk management in the shipping industry.