Marine Protection and Indemnity (P&I) Underwriting Essentials

Marine Protection and Indemnity (P&I) Underwriting Essentials
A practical guide to protection and indemnity insurance, mutual clubs and the International Group

A comprehensive guide to one of the most distinctive corners of the insurance world: the third-party liabilities a shipowner faces beyond the hull policy, covered not by commercial insurers but by mutual associations the shipowners own themselves. This guide covers the full picture, from what P&I covers and the rule book that defines it, through the mutual club system, the calls that fund it and the International Group that binds the major clubs together, to the underwriting, pricing and marine-specific claims that set the class apart, and the legal framework of international conventions that underpins it all. Written in clear, professional language with worked examples and practical takeaways throughout, it is designed for underwriters, pricing actuaries, and marine insurance professionals, with a focus on the UK and London market.

35 pages · 7 parts · glossary included

What’s covered:

1. P&I Clubs and Mutuality
2. Premiums, Calls and Fixed-Price P&I
3. The International Group
4. Cover
5. Underwriting and Claims
6. Pricing P&I
7. The Legal Framework

Includes a full glossary of 39 key terms, from the advance call and the running down clause to the omnibus rule, the pool, the release call and the shadow fleet. Each part features clear explanations, worked examples such as the layering of a large claim across retention, pool and reinsurance, and highlighted Tips, Key Takeaways, and Important callout boxes to reinforce the concepts that matter most.