P&I risks definition

P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover).
Sample 1Sample 2Sample 3
P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover) or an insurance company written by Lloyds London.
Sample 1Sample 2
P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a P&I association.
Sample 1Sample 2

Examples of P&I risks in a sentence

  • Unless otherwise agreed by the Association, the Members shall, at the time of the inception of the cover, ensure that the entered ship is insured for Owners’ P&I risks with an underwriter that is a member of ‘The International Group of Protection and Indemnity Clubs’.

  • For all disputes arising under Rule 27.2.8, it shall be a condition of cover that, upon delivery of the vessel to the owners, that vessel shall be entered for P&I risks with Skuld.

  • The standard P&I risks covered by the Insurer under this policy are set out in Sections A to C below.

  • There will be no recovery in respect of liabilities for which the Insured is already covered by the Insurer under this policy in respect of standard P&I risks or by another insurer providing equally wide cover.

  • The said standard P&I risks are subject to the relevant procedures, obligations, conditions, limitations, exclusions, definitions and other provisions set out in Parts 1 to 8 of this policy.

  • In addition to the standard cover described above, shipowners and charterers may also require covers ancillary to mainstream P&I risks in the course of their trade.

  • The standard P&I risks specified in Part 2 Sections A of this policy constitute the basic cover provided by the Insurer.This cover is subject to the relevant procedures, obligations, conditions, limitations, exclusions, definitions and other provisions set out in this policy.

  • It is a significant material fact of which they must be informed in order that they may consider whether they should provide cover against the various P&I risks to which they would be exposed if they agreed to grant cover.

  • The standard P&I risks specified in Part 2 Sections A to C and, where applicable, Section D, of this policy constitute the basic cover provided by the Insurer.

  • For all disputes arising pursuant to 2.8 of these Defence Terms and Conditions, it shall be a condition of cover that, upon delivery of the vessel to the owners, that vessel shall be entered for P&I risks with Skuld.


More Definitions of P&I risks

P&I risks means the usual risks (including for oil pollution, excess war risk P&I cover and freight, demurrage and defence cover) covered by commercial market insurers that customarily write P&I risks, such as by way of example, Lloyds and other London market insurers, or a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations, including the proportion not otherwise recoverable in case of collision under the terms of the hull cover.
Sample 1Sample 2
P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover). In this clause 24, a reference to “approved” means approved in writing by the Agent acting on the instructions of all Lenders (acting reasonably). For the purpose of this clause 24:
Sample 1Sample 2
P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover). In this clause 24, a reference to “approved” means approved in writing by the Agent acting on the instructions of all Txxx Xxxxxxx (acting reasonably). For the purpose of this clause 24:
Sample 1Sample 2

Related to P&I risks

  • operational risk means the risk of loss for the individual portfolio resulting from inadequate internal processes and failures in relation to people and systems of the investment service provider or from external events, and includes legal and documentation risk and risk resulting from the trading, settlement and valuation procedures operated on behalf of the individual portfolio;

  • liquidity risk means the risk that a position in the portfolio cannot be sold, liquidated or closed out at limited cost in an adequately short time frame and that the ability of the investment service provider to liquidate positions in an individual portfolio in accordance with the contractual requirements of the portfolio management mandate, is thereby compromised;