Protection and indemnity insurance

Protection and indemnity insurance (or P&I insurance) was created to help protect ships and the people that work on them. It covers things like medical costs and repair costs if something bad happens while they’re on the water, like getting hurt or hitting a rock. It also helps cover things that happen on land, like getting sued if a ship damages property, or having to pay for something that someone else did. Basically, P&I insurance helps cover any costs that come from something that happens in the water or on land that is a ship's fault.