This insurance, usually referred to as "P&I," provides cover to shipowners, operators, and charterers for third-party liabilities encountered in the commercial operation of entered vessels.
Protection and indemnity insurance, more commonly known as "P&I" insurance, is a form of mutual maritime insurance provided by a P&I Club.
Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I Club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier's third-party risks for damage caused to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution
The main risks covered are liabilities, expenses, and costs for:
• Loss of life, injury and illness of crew, passengers and other persons
• Cargo loss, shortage or damage
• Damage to docks, buoys and other fixed and floating objects
• Wreck removal
• Fines and penalties
• Mutiny and misconduct by crew
• Crew repatriation and substitution
• Damage to property on board the insured vessel
• Vessel Diversion Expenses
• Unrecoverable General Average contributions
• Vessel's proportion of General Average
And Iranian insurance companies and clubs offer services same as INSTITUTE TIME CLAUSES .
This cover is referred to as "Class I," and the Class I Rules are the basic contractual terms upon which the owners/operators, or "members," are insured. For full details of the cover.
P&I cover is designed to complement a vessel's hull and machinery insurance and related covers. It is distinguished from ordinary marine insurance in that it is based on the not-for-profit principle of mutuality where members of the club are both the insurers and the insureds.
As a consequence, the scope of cover offered by P&I insurance is unsurpassed in its reach and cost-effectiveness.
Some Iranian insurance companies offer extra services such as stevedores and we can offer their services.