Services

P&I Insurance

“P&I Insurance” (Protection and Indemnity Insurance) is an insurance for ship owners to indemnify the Members for risks arisen from operations of their vessels.

Risks Covered

Main items of Risks Covered are shown as follows. Please see the Rules and its Guidance for the details.

  • Damage to Port Facilities
    Damage to Port Facilities

    Damage to Port Facilities

    Loss of or damage to port facilities including pier, shore, fender and automobile on shore caused by touching by the entered vessel.

  • Damage to Fishery Facilities
    Damage to Fishery Facilities

    Damage to Fishery Facilities

    Loss of or damage to fishery facility or fishing net caused by touching by the entered vessel.

  • Damage to Buoys
    Damage to Buoys

    Damage to Buoys

    Loss of or damage to floating buoy or beacon caused by touching by the entered vessel.

  • Oil Pollution
    Oil Pollution

    Oil Pollution

    Environmental damage or cleaning costs in case oil or other pollutant material is spilled from the entered vessel.

  • Collision with other vessel
    Collision with other vessel

    Collision with other vessel

    Loss of or damage to other vessel with which the entered vessel collided.

  • Wreck Removal
    Wreck Removal

    Wreck Removal

    Removal costs in case the ship owner is ordered by law to remove the wreck of the entered vessel further to its total loss due to sinking, grounding etc.

  • Other Persons Claim
    Other Persons Claim

    Other Persons Claim

    Compensation and costs for personal injury, illness or death of passenger or third parties.

  • Crew Claim
    Crew Claim

    Crew Claim

    Compensation for personal injury, illness or death of crew who on board the entered vessel under the labour contract, and relevant costs including medical expense, repatriation/replacement costs.

  • Damage by Wash Wave
    Damage by Wash Wave

    Damage by Wash Wave

    Loss of or damage to third parties’ properties by wash wave made by the entered vessel.

  • Cargo Claim
    Cargo Claim

    Cargo Claim

    Loss of or damage to cargo.

  • Defence Costs
    Defence Costs

    Defence Costs

    Defence costs including surveyors’, lawyers’ and experts’ fees.

Insurance Outline

This insurance is for ocean-going vessels owned by Members. The entered ship shall maintain the following conditions:

  • Classed with a Classification Society which is a Member of IACS or qualified by other equivalent and competent organization.
  • Comply with the IMS Code and the ISPS Code.
Amount Insured

Amount Insured is not specified. The current maximum amount payable for a claim involving an entered ship for the 2018 policy year is the “overspill limit” of about USD 8 billion.
In respect of oil pollution claims, the Amount is limited to USD 1 billion each ship per any one occurrence. The passengers and seafarers claims is subject to a limit of USD 2 billion for liability for passengers, or of USD 3 billion for liability for passengers and seafarers claims combined.
Please see here for further information.

Insurance Period

From 21:00 JST (noon UTC) on 20 February to 21:00 JST (noon UTC) on the next following 20 February. (If new contract start during Policy Year, the contract is from the immediate time and date when the insurance contract becomes effective to 21:00 JST (noon UTC) on the next following 20 February.)

Calls and Premiums

Calls and Premiums are composed of Advance Call and Supplementary Call. The Advance Call is paid before or during the policy year. If decided applicable, the Supplementary Call shall be levied after the end of the policy year in view of the loss record of each policy year.
If Members pay a Release Call for the cancelled or ceased contract, they will be released from due of further Supplementary Call.

Special Cover

The following Special Covers are provided. Please contact us for further information.

ISpecial Cover for Charterers

P&I insurance for charters, which covers liabilities to third parties and expenses arising under laws and charterparties.

IIISpecial Cover For Liability of Salvage Ships arising out of Salvage Operations

This insurance covers liabilities and expenses arising out of and in the course of salvage operations conducted by the entered ship.

IVSpecial Cover for Salvor’s Liability in respect of Oil Pollution

This insurance covers liabilities and expenses for damage by oil pollution arising out of and in the course of salvage operations conducted by the Member.

VSpecial cover for Freight, Demurrage and Defence (FD&D)

This insurance covers the costs and incidental expenses incurred in defending any claim for freight, demurrage, off-spec bunkers etc. However, the loss itself which the Member suffered is not covered.

VISpecial Cover for Carrier’s Liability to Cargo (SOL)

This insurance covers third party liabilities which the Member may incur under a bill of lading, which are otherwise excluded under Rule 29 (Cargo Liabilities) of the Rules.

Rules