Protection & Indemnity Insurance

While at sea, vessels and their cargo are exposed to various threats such as damage, loss, accidents, and natural disasters, which can all lead to substantial financial losses.

Insurance plays an essential role in helping to mitigate these risks, however typical maritime insurance may not cover all incident associated with the ownership and operation of a vessel. That's where specialised Protection and Indemnity Insurance can help.

What is Protection and Indemnity Insurance?

Protection and Indemnity Insurance (commonly called P&I, or P&I membership) provides cover for third-party liabilities associated with the operation of a vessel such as cargo loss, personal injury to third parties, pollution and collisions.

Every major Australian port mandates commercial vessel owners and operators to maintain some form of Protection and Indemnity insurance to operate within the Port confines. All shipowners utilising their vessels for business, transportation, or passenger, worker, or cargo transport will also need to hold this type of insurance to cross international waters.

P&I Insurance is essential for shipowners, charterers, and operators, marine contractors, port authorities, and other maritime entities may protection against liabilities arising from their activities in the maritime industry.

A Protection and Indemnity Insurance policy typically covers:

• Injury to Crew where not covered by Workers Compensation or Seafarers Liability
• Deviation expenses
• Legal Assistance and Defence Costs as standard a form of cover commonly not included, but considered to be a necessity for Commercial operators.

Where necessary, Coverforce can also negotiate 'Specialist Operations Coverage' for those vessel operators involved in works such as navigational marker maintenance, seabed/seafloor works and subea pipe laying.

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