P&I Cover definition

P&I Cover means protection and indemnity insurance that, in the case of Vessel owners, covers liabilities concerning or arising from the following risks: (a) death and personal injury to seamen, passengers and third parties; (b) in respect of stowaways or persons rescued at sea; (c) collisions; (d) groundings; (e) damage to fixed and floating objects; (f) pollution; (g) wreck removal; (h) towage operations; and (i) Cargo damage.
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P&I Cover means protection and indemnity insurance that, in the case of Vessel owners, covers liabilities concerning or arising from the following
Sample 1

Examples of P&I Cover in a sentence

  • If required by Port of Melbourne the Owner must submit the Agreement to the P&I Club which has provided P&I Cover in respect of the Vessel and must advise Port of Melbourne if the P&I Club does not consent to the Agreement.

  • Except to the extent of those risks covered by H&M Cover, the Owner must ensure, and it hereby warrants, that each Vessel for which it submits an Application will, for the duration of the Access Period, be covered by P&I Cover with a member club of the International Group of P&I Clubs, including cover against oil pollution claims in the amount and on the terms commonly provided by the International Group of P&I Clubs for that type of Vessel and its terms of entry and membership.

  • In the event that the Vessel is insured by a P&I Club not a member of the International Group of P&I Clubs, the Owner must inform Port of Melbourne of the details of the Vessel’s P&I Cover and the relevant insurer at the time of lodging the Application.

  • In the event that the Vessel is insured by a P&I Club not a member of the International Group of P&I Clubs, the Owner must inform Port of Melbourne of the details of the Vessels P&I Cover and the relevant insurer at the time of lodging the Application.

Related to P&I Cover

  • Policy means Related Party Transaction Policy.

  • Health Coverage means that if Key Employee elects to continue coverage for himself or his eligible dependents under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), during the twelve-month period commencing on the date of Key Employee’s termination of employment from the Company (the “Severance Period”), then throughout the Severance Period the Company shall promptly reimburse Key Employee on a monthly basis for the difference between the amount Key Employee pays to effect and continue such coverage and the employee contribution amount that active senior employees pay for the same or similar coverage under Company’s group health plans. Further, if after the Severance Period Key Employee continues his COBRA coverage and Key Employee’s COBRA coverage terminates at any time during the eighteen-month period commencing on the day immediately following the last day of the Severance Period (the “Extended Coverage Period”), then the Company shall provide Key Employee (and his eligible dependents) with health benefits substantially similar to those provided under its group health plans for active employees for the remainder of the Extended Coverage Period at a cost to Key Employee that is no greater than the cost of COBRA coverage; provided, however, that the Company shall use its reasonable efforts so that such health benefits are provided to Key Employee under one or more insurance policies (or such other manner) so that reimbursement or payment of benefits to Key Employee thereunder shall not result in taxable income to Key Employee. Notwithstanding the preceding provisions of this paragraph, the Company’s obligation to reimburse Key Employee during the Severance Period and to provide health benefits to Key Employee during the Extended Coverage Period shall immediately end if and to the extent Key Employee becomes eligible to receive health plan coverage from a subsequent employer (with Key Employee being obligated hereunder to promptly report such eligibility to the Company).