All You Need To Know About Protection & Indemnity (P&I) Insurance
Who is this for?
This is suitable for Insurance and Reinsurance Brokers, Underwriters and Claims Practitioners from insurance and reinsurance companies interested in learning more about this specialized line of business. It is also suitable for Managers and Executives from shipping companies; Ship Masters and Officers; P&I Brokers; P&I Correspondents; Marine Surveyors; Consultants; and Lawyers servicing the maritime and P&I Clubs.
Protection & Indemnity (P&I) Insurance is a specialized line of business that has developed over the last 200 years. This is in response to the needs of shipowners and charterers, for insurance protection against risks that are not recoverable under the standard Hull and Machinery Insurance policies. In the course of their operations, a shipowner or charterer can incur liabilities towards many different third parties – liabilities for injury and death to crew members, passengers, shore workers, miscellaneous legal liabilities owed to cargo interests, other vessels, port operators and authorities, etc.
Through classroom lectures and case discussions, this one-day intensive program aims at providing insurance and shipping industry practitioners with a firm understanding of P&I Insurance, from its historical beginnings; the concept of mutuality; the structure of the P&I Clubs; the scope of coverage; the rating factors; as well as the claims considerations and procedures.
Key Learning Outcomes
By the end of the program, participants will be able to:
Describe the implications of shipowner’s legal liability to third parties, such as crew members, cargo interests, other vessels, dock owners, and authorities.
Highlight the scope of P&I and how these can meet the insurance needs of shipowners and charterers.
Describe the International Group, the relationship between International Group Clubs, poolable and non-poolable risks.
Understand the coverage provided under Freight Demurrage and Defense (FD&D)
Outline the key issues and considerations that are taken into account in underwriting and rating.
Describe the typical claim issues that arise and how these are handled in practice.
Understand the difference between Fixed Premium P&I and Mutual P&I.
Highlight the trending issues in the P&I market.
Apply the relevant knowledge to workplace situations involving the arrangement, underwriting and claim handling of such risks for their companies or clients.
For more information go to https://www.scicollege.org.sg/courses_details.asp?16RMAR07
The products and services herein described in this press release are not endorsed by The Maritime Executive.