Marine Insurance & P&I Clubs

Marine insurance providers and P&I clubs cover the financial risk of operating a vessel. Hull and machinery (H&M) insurance covers physical loss of or damage to the ship itself — collision, grounding, fire, and machinery breakdown — while cargo insurance covers loss of or damage to goods carried. Protection and indemnity (P&I) cover, arranged through a P&I club, is separate liability insurance covering an owner's third-party exposures — crew injury and illness, cargo liability, pollution, wreck removal, and collision liability beyond what H&M covers.

This is risk transfer and claims handling, distinct from the marine finance providers who fund a vessel's purchase and the maritime lawyers who litigate a dispute once it arises, though insurers and clubs often work alongside both. Owners place cover annually or per voyage, and P&I entry is typically a condition of trading and port access, so buyers compare insurers and clubs on cover scope, claims-handling reputation, and premium against the vessel's trading risk. It sits within the Professional & Commercial Services category group on PortProcure.

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