HOW A SHIPOWNER CAN GET P&I INSURANCE
When a shipowner/ shipping company requires P&I insurance for a ship, the club underwriter will ask for information so that he can make a risk profile of the vessel. The underwriter is trying to understand what sort of risk or risks the vessel represent in its current trading pattern. So, the shipowner has to provide the following information to the underwriter:- 1) The tonnage of the ship in GT( Premiums are expressed in USD/GT) 2) year of build 3) Number of crew members 4) Type of vessel 5) Type of cargo to be carried 6) Areas of trading 7) Liner trade or tramp 8) Classification society 9) Management expertise 10) Compliance with national or international legal requirement 11) Number of ships in company 12) Previous P&I history After getting all these information the underwriter assesses the risk and calculate a fair rate or premium. The premium should represent a fair charge to cover the risk involved and to make sure that ...