P & I Correspondent

Blue wave shipping represents P&I club and carries out inspections accordingly. 

Protection is required for the safe working of seafarers and ships, and indemnity is necessary to compensate for any loss of life, environment and property. P & I club is an association composed of ship owners members to support seafarers’ safety and well being by providing the required necessities.

A Protection and Indemnity or P&I club is a non-governmental, non-profitable mutual or cooperative association of marine insurance providers to its members which consists of ship owners, operators, charterers and seafarers under the member companies.

The three essential elements of shipping industry are the ship, the seafarers and the cargo. The one part which is directly connected to all the three mentioned is the “Risk” involved in transporting the cargo on a ship by seafarers.

Due to the “Risk” factor, a shipowner can face substantial monitory losses if his/her ship meets an accident and there is damage to the environment, cargo or to the vessel. Also, the risk to the lives of seafarers is kept above all and thus P & I insurance is a significant aspect of sailing.

During the sea service, the most valuable element onboard, i.e. human life can be at risk due to illness, injury by accident or even death by hazards.

A P&I club provides compensation in the form of insurance cover for reasons as mentioned above to the seafarers. This not only helps him in the difficult time but also to the seafarer’s family in case of death of their earning member.

Each P&I club sets a premium for an individual owner reflecting:

• The risks against which he requires cover
• His fleets gross tonnage
• His fleet exposure to risk
• Other factors including the likelihood of significant claims in the coming year