P&I is insurance in respect of third party liabilities and expences arising from owning ships as principals. It is designed to “dovetail” with a vessel’s Hull & Machinery Insurance.
There are several mutual P&I Clubs and an increasing number of fixed premium facilities writing this class of cover. They all have their preferences by geographical area, size, age of vessel, class etc. Surveys of ships may also be required. Most do not like singleton or doubleton entries. However, we have been successful in marketing the seemingly unattractive risk because we are prepared to promote individual owners collectively.
Each account is treated separately with his own individual claims record, but the business volume of similar vessels that we offer the underwriters, encourages them to think more positively.