ΝΑΥΤΙΚΑ ΑΓΓΛΙΚΑ Ε ΠΛΟΙΑΡΧΩΝ

Lloyds became a place were parties in the shipping industry wishing to insure cargoes and ships met those willing to underwrite such . These informal beginnings led to the establishment of the insurance market Lloyd’s of London. Lloyds and the Institute of London Underwriters developed between them standardized to be used in marine insurance. To is to sign and accept liability and guarantee payment in case loss or damage occurs. Underwriters ascertain the terms and conditions of the insurance cover and determine whether applications for insurance cover should be accepted. Protection and insurance, more commonly known as “P&I” insurance, is a form of mutual insurance provided by a P&I Club. Whereas a marine insurance company provides “hull and machinery” cover for shipowners, and cargo cover for cargo owners, a P&I Club provides cover for open-ended risks that traditional insurers are to insure. P&I clubs provide insurance for broader, indeterminate risks, such as third party risks which include a carrier’s to a cargo- owner for damage to cargo or a shipowner’s liability after a collision or environmental pollution. Whereas the insured pays a to an underwriter for cover which lasts for a particular time (say, a year or a voyage), a P&I Club member instead pays a “call”. This is a sum of money that is put into the Club’s pool. If, at the end of the year, there are still in the pool, each member will pay a reduced call the following year; but if the Club has made a major payout (say, after an oil spillage), club members will immediately have to pay a further call to the pool. Over the past years, the P&I insurance world has seen some dramatic changes with Fixed Premium P&I Cover facilities being requested by shipowners as an antidote to continuing financial .