Protection And Indemnity Insurance (p&i)
Broad type of marine legal liability coverage, hull marine insurance is limited to an insured ship. With the addition of a running down clause, a policy can be extended to cover liability in case of collision with another ship. But many shipowners desire the much broader coverage offered by protection and indemnity insurance since it covers the ship operator for liability to crew members and other people on board, damage to fixed objects like docks, and other miscellaneous claims.
Popular Insurance Terms
In life insurance, action by an insurance company canceling premium payments by an insured who has been disabled for at least six months. The policy remains in force and continues to build ...
Document used to sign up employees for plans such as salary savings, life insurance, or other employee benefits. ...
Historical record of dividends paid. ...
In many property insurance policies, a requirement that the insured carry insurance as a percentage of the total monetary value of the insured property. If this percentage is not carried, ...
Life is unpredictable so to compensate this, people have invented insurance. Insurance deals with unforeseen events. Sometimes insurance companies cover only a part of your losses and a few ...
Coverage of the hull of a ship and its tackle, passenger fittings, equipment, stores, boats, and ordnance. Coverage is provided under the following types of policies: builders risk hull ...
In insurance, fraudulent or unethical practice that is illegal under state law. States may fine or revoke the licenses of agents and brokers for unfair trade practices, including ...
Act that seals a contract and is noncancellable. surety bonds and fidelity bonds resemble insurance contracts in many ways. However, the surety, which is often an insurance company, cannot ...
Trade group of independent claims adjusters who settle claims for insurance companies on a fee basis. Some insurers use their own staff adjusters to settle a claim. Others use an ...
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