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Protection and Indemnity Insurance (P&I) covers property interests related to compensation for damage caused to third parties as a result of vessel operation.
The main risks covered by the Shipowner’s Liability Policy include:
- Crew liabilities
- Liability for pollution from the vessel
- Collision with other vessels
- Damage to fixed and floating objects
- Liability arising out of the wreck removal of the insured vessel
- Cargo liability
- Other risks
The importance of P&I insurance is determined by the following factors:
- Protection against major financial losses in case of emergency situations
- Compliance with the international standards and requirements
- Assistance in settling claims and litigation
By having a valid policy, the shipowner protects themselves from unforeseen situations that can significantly impact their financial position. Moreover, having P&I insurance is a mandatory requirement for most ports, making it an essential element for successful operation in the shipping industry.
