Basic principles of Marine Insurance indemnity, subrogation; insurable interest i.e. ownership; utmost good faith; the doctrine of proximate cause. Types of Marine Insurance covers are required by Shipowners and Ship managers A ship owner or a ship manager acting on behalf of a shipowner may require the following insurance covers against: actual or total loss of his ship's hull, machinery and equipment (H & M cover); accidental (particular average) damage to his ship's hull, machinery and equipment (H& M cover); liability to owners of other vessels (and … [Read more...]
Protection & Indemnity Clubs
What is a P&I club? The roots of the Protection & Indemnity Club or a P&I club were founded in 18th century England. Those were the days of sailing ships and extremely slow and inefficient communication system. Ship owners and the underwriters had limited contact and the hull insurance did not cover all aspects of loss on board. A group of ship owners formed an association to provide each other insurance cover. This association was a non-profit making body controlled by a group of close-knit ship owners. These associations were named as Mutual Hull Insurance Clubs. The basic … [Read more...]