P&I Club

Mutual insurance association in which shipowners pool their third-party liability risks for cargo claims, pollution, crew injury and illness, collision liability not covered by H&M, wreck removal, fines, and stowaways. P&I clubs are non-profit, owner-controlled, and call additional premium from members ('supplementary calls') if a policy year proves inadequate. The thirteen International Group of P&I Clubs share large claims through a pooling agreement and reinsurance treaty, providing an effective coverage limit currently around USD 8 billion per event. Cover for vessels follows the IGP&I standard wording with each club's variations.