Definitions for "Protection and Indemnity Insurance"
This is insurance for a shipowner against liability for loss of life, illness or injury ro passengers or crew and liability for property damage to the cargo, piers, or docks, caused by the insured's negligence. This type of insurance is usually undertaken by mutual associations called P & I Clubs.
The nautical equivalent of bodily injury and property damage liability.
Insurance obtained through a mutual association formed by shipowners to provide liability insurance protection from large financial loss to one member through contributions towards that loss by all members.