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Even though a shipowner will have its own P&I cover, the charterers can face huge liabilities themselves. The UK Club charterers’ product provides high levels of cover to react to both operational and catastrophe liabilities.
The UK P&I Club charterers’ cover includes both those risks which are covered by conventional P&I insurance, and additional risks which are specific to charterers.
P&I risks include:
Additional risks include:
- Damage to hull
- Contribution to General Average & salvage
- War & Terrorism
Liabilities can be to cargo interests, other third-parties and the shipowner. They can be either contractual (eg breach of the charterparty) or non-contractual (eg pollution).