What are the 13 P&I Clubs?

Group Clubs

  • American Steamship Owners Mutual Protection and Indemnity Association, Inc.
  • The Britannia Steam Ship Insurance Association Limited.
  • Gard P&I (Bermuda) Ltd.
  • The Japan Ship Owners’ Mutual Protection & Indemnity Association.
  • The London Steam-Ship Owners’ Mutual Insurance Association Limited.

What is a P&I Club in shipping?

Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. A P&I club is a mutual insurance association that provides risk pooling, information and representation for its members.

What does a P&I Club cover?

Protection and Indemnity insurance, or as it is more commonly known – ‘P&I’, is the policy ship owners purchase to protect them against liability claims from crew, passengers and third parties. Liability claims include those such as collision, property damage, pollution, environmental damage and removal of wrecks.

Why do people ship P&I clubs?

The role of P&I clubs P&I Clubs are the only organizations which offer the usual services of a traditional insurance company as well as legal counseling and expertise in disaster settlements. The shipowner is backed and assisted by his club when facing any suffered losses.

How many P and I clubs are there?

International group of P&I clubs This is the group of 13 P&I clubs. All these P&I clubs are bound by the agreement called “International Group Agreement“.

Is Gard a P&I Club?

Gard is the largest member of the International Group of P&I Clubs. The International Group currently has 13 member clubs which collectively provide liability insurance for more than 90 per cent of the world’s ocean-going tonnage and more than 95 per cent of the world’s ocean going tankers.

What does P&I stand for and what does a P&I club do?

| Insurance Business America. Protection and indemnity (P&I) liability insurance is specifically designed to address the unique needs of the marine industry.

How many P&I clubs are there?

13 P&I clubs
Currently, the IG consists of 13 P&I clubs who between them provide marine liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage..

What is general average in marine insurance?

General Average is a principle of maritime law that essentially establishes that all sea cargo stakeholders (owner, shipper, etc.) evenly share any damage or losses that may occur as a result of voluntary sacrifice of part of the vessel or cargo to save the whole in an emergency.

How many P&I clubs are there in the world?

thirteen P&I Clubs
The thirteen P&I Clubs which comprise the International Group (the “Group”) between them provide marine liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage.

Are P&I Clubs regulated?

There are 13 major global P&I clubs, of which six are regulated in Britain and are estimated to account for over half the total market share of an industry that insures about 90 per cent of the world’s ocean-going tonnage.

Is P&I compulsory?

P&I, as a main insurance for vessels, is required by cargo owners and other services, which makes operation of a vessel not covered by this insurance practically impossible. Standard cover includes liability for damage to cargo and property of a third party, pollution etc.