Protection & Indemnity insurance is shortly known as P & I insurance that specifically protects liability coverage designed for sea-going yachts, vessels and boats. It is mainly used for ships that are used for transportation cargos for commercial usages. This type of insurance usually provides complete liability protection against the liability caused to ship owners.
Who Needs P&I Insurance Policy?
This kind of insurance protection is generally sought by the owners of ships or any other kinds of water crafts that are used for varied purposes. However, predominantly the insurance policy is meant for water vessels engaged with commercial purposes. There are times, when the ship owners have to face third-party liability when facing a number of fateful incidents and accidents. During such tough times, a commercial ship owner seeks absolute liability protection through buying P & I insurance policy. This kind of insurance protection is generally counted in the ocean marine protection which also covers liability against cargo, freight and hull as well.
Liability Risks Generally Covered by P & I Insurance Policy:
There are a number of liabilities that may trouble ship and boat owners during a period of time. In addition, the amount of compensation is usually quite high, making it impossible for owners to pay from their pockets every time. To fight such issues, boat or ship owners can take comprehensive protection policy against a number of liability risks arising from P&I insurance policies.
There are a number of insurance providers that offer absolute protection against fateful incidents. Find the right and get the desired protection!