P&I
Protection and Indemnity. Mutual liability insurance covering crew injury, environmental damage, third-party claims, and charter-guest exposure. Typically written by mutual clubs.
P&I cover is the third-party and crew-liability layer above hull insurance. Yacht-specialist mutuals include Shipowners' Club and Steamship Mutual; commercial insurers including Pantaenius, AON, Gallagher Specialty, and Lloyd's syndicates also write yacht P&I. Standard limits for a 40 to 50 metre yacht run to EUR 500 million third-party. P&I covers MLC repatriation liability for crew, environmental damage including bunker spill, and charter-guest claims; hull insurance covers the asset itself.