Photo: BIGSTOCKProtection and indemnity clubs protect the shipping industry in more ways than oneInternational commerce, including the carriage of goods and the safe passage by sea, largely depends on the shipping industry. Thirteen P&I clubs around the world have come forward and created an international group of P&I clubs: IGP&I. Clubs provide compensations to seafarers if any dispute or any risk management crisis arises in the form of insurance, called P&I Insurance. In addition, the club works for fleets but tends to prefer the owners as it is the ship owners’ club in the first place. No doubt the P&I clubs are the saviours of the shipping industry around the world.

Source: Dhaka Tribune October 29, 2020 18:56 UTC