Protection and Indemnity (P&I) Insurance
This insurance provides cover to shipowners against third-party liabilities encountered in their commercial operations. Responsibility for damage to cargo, for pollution, for the death, injury or illness of passengers or crew, and for damage to docks and other installations are examples of typical exposures.
The cover is provided under Part Two, Section I of the General Terms and Conditions of the Eagle Ocean Marine facility (1.1.2010) which contains the basic provisions upon which its clients are insured. As is generally known, P&I cover runs in parallel with a vessel's hull and machinery and related covers, and its ambit can be tailored accordingly to take account of the particular requirements of individual owners.
On completing an application form acceptable to the Insurer, and thereafter assuming that agreement is reached as to the price of the cover, the general terms of the cover are incorporated in a Certificate of Insurance for the vessel to be insured.
This will, inter alia, also contain special terms and conditions applicable to the particular vessel by reference to deductible, scope of cover and so on.