Protection and Indemnity cover is third party legal liability insurance for ship owners, operators and charterers.
The principal risks covered are liabilities, costs and expenses for:
- Injury, illness and death of crew, passengers or other persons
- Cargo loss or damage
- Wreck removal
- Dock damage
Fines or administrative penalties arising out of the operation or management of ships.
The Damage Survey is usually required by an insurance company to assess the extent of the injury to the vessel. It is also the job of the Damage Surveyor to ascertain the reasonable cost of repairs. If you do not have insurance, it is a very good idea to hire a surveyor as a project manager to help you mitigate the repairs to your vessel. A good surveyor will know which repair facilities can be relied upon and insure you will pay a reasonable price.