protection of the yacht owner form liability for loss of life and personal injury and property damage. This protection is in two forms and excludes workmen’s compensation claims, which may be covered by obtaining a special endorsement.

Insurance for a ship-owner against liability for loss of life, illness or injury to the passengers or crew, and liability for property damage to the cargo, piers, docks or other shore property, caused by the insured’s negligence.

Protection and indemnity insurance, more commonly known as “P&I” insurance, is a form of mutual maritime insurance provided by a P&I Club. Whereas a marine insurance company provides “hull and machinery” cover for ship-owners, and cargo cover for cargo owners, a P&I Club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier’s third-party risks for damage cause to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution. In the UK, both traditional underwriters and P&I clubs are subject to the Marine Insurance Act 1906. A P&I Club is a mutual insurance association that provides risk pooling, information and representation for its members. Unlike a marine insurance company, which reports to its shareholders, a P&I club reports only to its members. Originally, P&I Club members were typically ship-owners, ship-operators or demise charterers, but more recently freight forwarders and warehouse operators have been able to join. Whereas the assured pays a premium to an underwriter for cover which lasts for a particular time (say, a year, or a voyage), a P&I Club member instead pays a “call.” This is a sum of money that is put into the Club’s pool, a kind of “kitty.” If, at the end of the year, there are still funds in the pool, each member will pay a reduced call the following year; but if the Club has made a major payout (say, after an oil spillage) club members will immediately have to pay a further call to replenish the pool. The International Group of P&I Club (based at Peek House, London) comprises 13 clubs, which provide P&I liability cover for approximately 90% of the world’s ocean-going tonnage. These Clubs cooperate to provide funds in the event of huge claims using a complex system to determine liability.

A kind of property insurance coverage usually covering a ship’s owner against damage done to the crew or cargo due to negligence on their part.

Certain risks have in the past not always been readily insurable in the marine insurance market and ship owners have formed mutual associations (clubs) to cover them. Protection risks include quarantine expenses, liabilities to crews, and collision and impact damage, wreck removal expenses and liability under towage contracts, liability for damage to other vessels apart from collision, etc. Indemnity risks include ship owners’ liability for cargo lost or damaged, fines for inadvertent immigration or customs offences etc.

If the motor vehicle insured is disabled by reason of loss or damage covered under the policy, the insurer will bear reasonable protection and removal to the nearest repairers and of re-delivery to the insured but not exceeding the amount stipulated in the policy in respect of any one accident.

The grading of fire protection, developed by ISO for a given area. The protection class ranges from 1 to 10, with 1 having the greatest fire protection and 10 having no fire protection.
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The grading of fire protection, determined by the grading Schedule.

A rating determined by the Grading Schedule of Cities and Towns. This rating is given based on the level of fire protection.

The regulations are intended to ensure, among other things, that insurance is provided on equitable terms and conditions. The rights of policyholders to make informed choices regarding the selection of insurance products and service providers need to be respected and preserved. The regulations lay down various stipulations to be followed by insurance companies with regard to (i) point of sale (ii) proposal for insurance (iii) grievance redressal procedure (iv) matters to be stated in a life insurance policy (v) matters to be stated in a general insurance policy (vi) claims procedure in respect of a life insurance policy (vii) claims procedure in respect of a general insurance policy (viii) policyholders servicing and (ix) other general guidelines. The guidelines provides a transparent operations and declarations, time limits and penalty in case of failure/non-adhering to guidelines.