Liabilities and Exclusion for P&I cover
P&I COVER: - Shipowners take P&I cover to mainly protect themselves from 1/4th collision liability not covered by H&M policy and liability against 3rd party. P&I cover salient liabilities are:- 1) Cargo claims ( short delivery, loss or damage to cargo) 2) Crew claims ( medical expenses, repatriation etc.) 3) Collision liability ( 1/4th not covered under H&M) 4) Fixed and floating objects ( damage to docks, wharves, bouys) 5) Third party injury and death claims ( stevedores, passengers) 6) Oil pollution liability 7) Miscellaneous claims e.g. custom fines, immigration fines due to improper documentation. Exclusion for P&I cover are:- 1) ad-valorem bills of lading 2) Deviation 3) Delivery of cargo at a port other than that specified in charter party. 4) Failure to arrive or late arrival at the port of loading 5) delivery of cargo without production of a bill of lading 6) Ante dated or post dated bills of lading 7) Clean bills of lading i...