Scope and Need for Coverage
Shipowners are increasingly facing more complex and intense lawsuits from claimants. Casualties in recent years involving vessels such as the "Prestige", "Hebei Spirit", "Full City" and "Pacific Adventurer" have seen larger and larger penalties being handled out primarily as a result of the strong political pressure being placed on owners and their crew.
In this diffciult trading environment, owners are faced with claims for pollution, damage to third party property including quaysides, dock and wharves as well as from crew and shoreside personnel. Cargo claimants become more vociferous when the commodity markets are more volatile, resulting in increased pressure being placed on shipowners.
There is now a necessity for shipowners to provide evidence of Protection & Indemnity (P&I) cover in order to trade to many countries.
Insurance Coverage includes:
Death and personal injury of:
Liabilities in respect of stowaways or persons saved at sea
Liabilities arising from:
Liability to Cargo