What is Protection and Indemnity Insurance?
Protection and indemnity insurance (commonly called P&I, or P&I membership) is the cover provided in respect of the Third Party liabilities of a vessel.
Public and Products Liability insurance typically excludes liability arising out of Watercraft, will always exclude Liability arising out of the use or navigation of watercraft.
Protection and Indemnity cover fills this gap, and ensures that you and your operations whilst on-board are adequately covered.
Do I need it?
Every major Australian Port will require commercial vessel owners/operators maintain a form of Protection and Indemnity Insurance in order to operate within the Port confines.
What does it cover?
Your Coverforce placed P & I policy can include:
- Coverage for Injury to Crew where not covered by Workers Compensation or Seafarers Liability.
- Coverage for deviation expenses,
- Coverage in respect of 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, subsea pipe laying and the like.
How Coverforce can help
Coverforce have access to the Global Protection and indemnity insurance market, and more importantly the International Group of Protection and Indemnity clubs – the premier P&I insurers in the world.
Our Marine specialist insurance brokers can assist you with personalised risk advice and the placement of your Protection and Indemnity Insurance policy.