The insurance of marine liabilities helps to protect third party rights. These liabilities can be extraordinarily high (environmental impact of an oil spill, for example) and so sufficient insurance coverage is crucial. Marine liability insurance is mainly provided by the Protection and Indemnity Clubs but some of IUMI’s members also offer marine liability insurance through reinsurance arrangements or directly through covers such as ‘fixed premium P&I’ or ‘war P&I’.
There is an ongoing issue surrounding potential gaps in liability insurance for “non-IG insurers” which is being examined by IMO and IOPC Funds. IUMI is contributing to the debate.
Additionally, the Comité Maritime International (CMI) is reviewing its Collision Convention 1910 which includes a number of very important aspects of collision liability. IUMI is represented on this International Working Group.
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