Protection and indemnity insurance (also known as P&I insurance) is used worldwide, specifically in the marine industry. It is a policy that ship owners purchase to protect themselves against liability claims from crew, passengers and third parties. Having P&I insurance is necessary to ensure that your company remains stable, in the event of unexpected incidents that disrupt the operations of your business.
What does P&I protect you against?
P&I insurance protects you from claims you commonly see if you work in the world of marine, such as:
- Property damage
- Environmental damage
- Removal of wrecks
- Injury or illness
- Loss of life
How to avoid risks
Working aboard a ship often exposes seafarers to a variety of accidents and incidents as mentioned above. There are a range of different risk assessments that you should keep on top of to ensure that everything is in order. These include:
- Passenger vessels risk assessment
- Mooring operations risk assessment
- Fishing operations risk assessment
- Containers operations risk assessment
- Bunker operation assessment
- Oil tanker operations risk assessment
Hayes Parsons Insurance Brokers
Hayes Parsons Insurance Brokers has specialised in marine insurance since 1964 and has the knowledge and expertise to guide you with your insurance placement. Our marine expert, Darren Harris, would be more than happy to offer you a free consultation of your current insurance and risk management arrangements.
We also have an in-house claims department who will be able to walk you through the process, should you find yourself reporting a claim. We will provide you with regular claims reports which can spot claims trends in your business and help you mitigate these risks.