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.
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
•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.