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Traditionally, Shipowners P&I belongs to marine insurances that are not covered by H&M insurers. We innovate to provide P&I to shipowners, same to other International P&I Providers, there are also two main categories of P&I that “Asia Faith” provides: one is basic and compulsory liabilities, including Crew Liabilities under MLC 2006, Pollution Liabilities under Bunker Conventions, and Wreck Removal Liabilities under Nairobi Convention; another is commercial liabilities for shipowners. But all these liabilities will be the compensation liabilities. P&I insurance refers to the liabilities caused by the owner of the ship itself, including the liabilities caused when ship berthing, navigating and operating of the ship, such as the liabilities for pollution caused by oil spill, liabilities refer to the loss caused not by the ship itself, but by the operation of the ship, such as the liabilities for cargo loss and cargo difference in transporting period.

“Asia Faith” provides all P&I liabilities that shipowners P&I Clubs can provide. Also the liabilities of P&I for shipowners are much broader than H&M insurance. H&M insurance mainly covers the property damage of ships caused by disasters and the costs arising therefrom. It also secure a wide range of civil liability compensation beyond the scope of H&M insurance coverage, especially those arising from violations of conventions and torts, but it is not securing all compensations, it also has limitations of liabilities, mainly in the following aspects.

(1) The principle of non-compensations stipulated in the Insurance Laws and Regulations are also applicable to P&I.

The principle that insurance coverage should not be compensated is also applicable to P&I to shipowners, such as the loss and liability caused by unseaworthiness of ships.

(2) Principles or limits of compensations stipulated in International Laws and Conventions.

For example, the Hague Visby Rules stipulate that the shipowner`s liability limit for each shipment of goods is $500. If the shipowner`s liability exceeds this limit, the liabilities of P&I for shipowners will not be liable.

(3) The intentional act of the shipowners.

Liabilities of P&I for shipowners arising from the intentional acts of the shipowners. Such indemnity liabilities are also exempt from liability.

The detailed rules of “Asia Faith” P&I for shipowners can be clicked and downloaded from "HERE".


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