Protection and Indemnity | JLT Specialty Limited

Protection and Indemnity insurance (P&I) provides cover for a wide range of third party liability risks arising in connection with the use and operation of ships, including: cargo, crew, personal injury to third parties, passengers, stowaways, collisions and non contact damage caused by vessels, damage to fixed and floating objects, pollution, wreck removal and fines.

P&I cover can be arranged on a mutual or fixed premium basis from a variety of markets; though approximately 90% of existing world tonnage is insured through one of 13 P&I Mutuals who collectively constitute the International Group of P&I Clubs. The mutual system, as embodied by the International Group, enables risk to be pooled (shared) between the Clubs where claims exceed a certain threshold (each Club's retention) and for the 13 Clubs to collectively buy reinsurance at the lowest price achievable due to their market strength. This cooperation comes at the expense of each of the 13 Clubs offering (broadly) the same cover terms and mutual Members accepting limited restrictions which impact on their ability to change from one International Group Club to another.

Despite the uniformity of cover offered by International Group Clubs, we at JLT believe a good broker has a valuable role to play, including:

providing strategic advice e.g.
- whether to follow a single Club or multi Club strategy;
- whether to stay within the mutual system or to move to the fixed premium market; and
- how to restructure cover to lower premium through review of deductibles.

review of each client's individual insurance requirements in light of their business operations in order to ensure there are no gaps in cover;

advising on the relative strengths and weaknesses of each Club/insurer in order to guarantee the client is with the right Club/insurer;

assisting with new placements and renewals;

defusing problematic situations that may arise between Club and Member;

ensuring that the client is kept abreast of industry issues and that your voice is heard when you have concerns arising out of industry development; and

advising on additional covers for risks falling outside ordinary P&I cover and where to obtain such cover e.g Club cover for MOU against coverage with the commercial markets.

In short, our philosophy is very much service driven with the sole aim of working with our clients to achieve the most appropriate insurance cover at the best obtainable price.

JLT Events

JLT host a range of events throughout the year. To find out more click below.

	17/08/2010	JLT Marine Division - Leading the way in Marine Insurance
	04/08/2010	Review of the Marine Hull Insurance market
	26/07/2010	Europe's leading independent insurance brokers announce a closer affiliation
	30/06/2010	IPT Bulletin - June 2010
	30/03/2010	New appointments strengthen JLT's Marine Division