SCOPIC (Special Compensation P&I Club)

SCOPIC, which stands for Special Compensation Protection and Indemnity Club, is a maritime insurance arrangement specifically designed for shipowners and operators. It provides additional financial protection against costs and liabilities incurred during salvage operations, especially when a vessel is in distress. When a ship is salvaged, the SCOPIC clause ensures that the salvors receive fair compensation, which may be higher than typical salvage rates. This encourages prompt and effective assistance in maritime emergencies, balancing the interests of shipowners and salvors while promoting safety at sea.