[LONDON, 12/11/2019] — Protection and indemnity (P&I) insurance addresses the needs of the marine industry to cover an array of maritime liability risks associated with the ownership and operation of marine vessels. These risks include damage to cargo during transit, political and war risks and risks of environmental damage through oil spills and pollution.

In 2017, the Marine Accident Investigation Branch (MAIB) received 1,232 reports of maritime accidents, 42 more than the previous year. Although there wasn’t a significant increase, these numbers show how often accidents happen at sea, which result in damage to vessels and cargo alike.

The MECO Group understands the risks that shipowners and charterers face for every voyage. That is why the maritime insurance company offers charterers P&I insurance to protect them against such risks.

Comprehensive Coverage for Charterers

The MECO Group’s Charterers P&I Club is dedicated to protecting the interest of charterers. Through comprehensive insurance coverage and useful advice and information available to clients, the Club can provide charterers with the support they need.

The Charterers P&I Club insurance offers two types of coverage: defence and liability insurance. The former, called Freight, Demurrage and Defence (FD&D) insurance, covers charterers against legal costs that result from defending claims arising from contractual disputes. The Charterers P&I Club has an in-house team of experts that gives clients advice on how to handle their cases.

The second coverage is for P&I insurance, which includes liability for loss or damage to the chartered vessel, cargo and other general liability risks associated with the carriage of cargo and operation of the ship. The Club can provide charterers with up to USD 500 million in coverage, per vessel.

Through these, The MECO Group’s Charterers P&I Club is able to provide tailored insurance solutions that properly respond to each charterer’s unique requirements.

About The MECO Group

Established in London over 40 years ago, The MECO Group is an international team of reputable marine insurers, providing high-quality insurance products and other services to the shipping and logistics market throughout the globe.

For enquiries, contact The MECO Group at +44 20 7702 3928 today.