Extended Operational and Trade Vocabulary
P&I Clubs, War Risk Insurers, and Marine Insurance Markets glossary
Vocabulary of protection and indemnity and war-risk underwriting: International Group P&I clubs such as the American Club, US hull markets and standard policy forms like the American Institute Hull Clauses, marine-underwriter associations, and the Lloyd’s syndicates writing hull, cargo and war-risk business for shipowners.
122 defined terms.
A
- AIMU (American Institute of Marine Underwriters)
- New York-based US marine market association founded 1898.
- American Club
- Common name for the American Steamship Owners Mutual Protection and Indemnity Association, Inc., a New York-based International Group P&I club founded in 1917.
- American Hull Insurance Syndicate
- A former United States hull market pool that published the AIHC 1977 wording widely used for North American flag vessels.
- American Institute Hull Clauses (AIH 1977)
- US market standard hull policy form.
- Antares Underwriting
- Lloyd's Syndicate 1274, a marine and specialty writer owned by QIC Global.
- Apollo Syndicate Management
- Lloyd's syndicate underwriting hull and cargo, Syndicate 1969.
- Asia Capital Reinsurance
- Singapore-based reinsurer historically active in marine treaty business.
- AXA XL Marine
- AXA Group division formed after the 2018 XL Catlin acquisition.
B
- Beazley Marine
- Lloyd's specialist insurer, Syndicate 2623 and 623, underwriting hull, cargo, and war risk.
- Bermuda Market
- Hub for catastrophe reinsurance and captives, hosting Renaissance Re, Everest Re, and Arch.
- Berry Palmer & Lyle (BPL Global)
- Specialist political risk and structured credit broker with marine war risk capability.
- BIMCO Hull Clauses
- BIMCO standard contract clauses cross-referenced in many fixed-premium marine covers.
- Britannia P&I Club
- Britannia Steam Ship Insurance Association, founded 1855, headquartered in London; International Group member.
C
- Cap Marine
- French specialty broker.
- Cefor (Nordic Association of Marine Insurers)
- Oslo-based association founded 1911; publishes Cefor Hull Trend statistics and the Nordic Marine Insurance Plan.
- Charterama
- Dutch charterers P&I and FDD provider, Rotterdam-based subsidiary of Eschmann.
- Charterer's Liability Cover
- P&I cover purchased by time or voyage charterers for liabilities arising from their use of a chartered vessel.
- Chubb Marine
- US-based global marine insurer, formed after the 2016 ACE-Chubb merger.
- CNA Marine
- US insurer underwriting hull, cargo, and marine liability.
- Collision Liability Cover
- Hull policy 3/4ths Running Down Clause complemented by P&I 1/4th cover.
- Cool Carriers Defense
- Reefer trade P&I claims practice.
D
- Defence Cover (FDD)
- Freight, Demurrage, and Defence cover for legal costs in commercial disputes, offered by all IG clubs and standalone FD&D clubs.
- DePool Mutual
- Niche P&I provider, fixed premium.
E
- Eagle Ocean Marine
- Fixed-premium subsidiary of the American Club, launched 2010.
- East of England Insurance
- Predecessor of NEPIA, merged 1996 into North of England.
- Eschmann Beratung
- German hull and P&I broker.
F
- FDD (Freight, Demurrage and Defence)
- P&I cover for charterer's contractual disputes.
- Fidelis Insurance
- Bermuda-based specialty insurer and reinsurer writing marine through its Lloyd's Syndicate 3123 (Pine Walk) and direct platforms.
- French Mutual
- Now part of Generali, historic French marine mutual.
G
- Gard Marine and Energy
- Gard's fixed-premium hull, energy and war risk arm.
- Gard P&I
- Assuranceforeningen Gard, founded 1907 in Arendal, Norway, the largest International Group club measured by gross tonnage entered.
- Generali Marine
- Italian global marine insurer headquartered in Trieste.
- Globe Underwriting
- London marine MGA.
- Great Lakes Insurance SE
- Munich Re subsidiary writing marine business in Europe.
- Gulf Marine
- Gulf Insurance Group marine line.
H
- Hanseatic P&I Service
- Hamburg-based managers of fixed-premium P&I cover.
- Hellenic Mutual War Risks Association (Bermuda) Limited
- Hellenic War Risks Club managed by Thomas Miller, founded 1971, predominantly Greek shipowners.
- HHIC Insurance
- Hyundai Heavy Industries captive insurer.
- Hull Policy 1/10/83
- London market Institute Time Clauses Hulls 1/10/83.
- Hull Policy 1/11/95
- Institute Time Clauses Hulls 1/11/95, less commonly used.
- Hull War, Strikes, Malicious Acts, Terrorism Clauses
- Standard war risk hull cover wordings, including JWLA 5/2003.
- Hydor AS
- Norwegian fixed-premium hull, P&I, and war risk MGA.
I
- Institute Cargo Clauses (A, B, C)
- London market cargo wordings published by the International Underwriting Association.
- Institute Strikes Clauses (Cargo)
- Strikes risk cargo cover.
- Institute War Clauses (Cargo)
- A separate cargo war risk wording, normally paired with ICC (A), (B), or (C).
- International Group of P&I Clubs
- Association of 12 mutual P&I insurers.
- International Group Pooling Agreement
- Mutual reinsurance arrangement among the 12 IG clubs, sharing claims above USD 10 million up to USD 100 million.
- International Group Reinsurance Programme
- General Excess Loss reinsurance placed in the Lloyd's and company markets, providing cover above USD 100 million to approximately USD 3.1 billion.
- International Hull Clauses 1/11/03
- London market Institute Hull Clauses 1/11/03.
- IOPC Funds
- International Oil Pollution Compensation Funds 1992 and Supplementary.
- Italian Marine Mutual
- Historic Genoa-based P&I, no longer in International Group.
- IUMI (International Union of Marine Insurance)
- Zurich-based global marine insurance association founded 1874.
J
- Japan Hull Pool
- Japanese domestic hull insurance market.
- Japan P&I Club
- The Japan Ship Owners' Mutual Protection and Indemnity Association, an International Group P&I club serving primarily Japanese-flag and Japanese-managed tonnage.
- Joint Cargo Committee
- London market cargo wordings committee of the IUA.
- Joint Hull Committee (JHC)
- Lloyd's and IUA committee responsible for standard hull clauses.
- Joint War Committee (JWC)
- Lloyd's/IUA committee publishing listed areas for war/strikes risk.
- Joint War Committee Listed Areas
- Quarterly bulletin listing areas of perceived enhanced war, strikes, terrorism, piracy, and related perils.
- JWHA (Joint War Hull Areas)
- Hull war risk additional premium areas published by the JWC.
- JWLA Clauses
- Joint War Limitation Areas clauses, including JWLA-016 Iran exclusion and JWLA-029 Russia and Ukraine.
K
- Korea P&I Club
- Korea Shipowners' Mutual Protection and Indemnity Association, founded 2000, headquartered in Seoul; affiliate of the International Group.
- Korean War Risk Pool
- Korean domestic war risk arrangement.
L
- Lloyd's Market Association (LMA)
- The trade body for Lloyd's managing agents, publishing clauses including the LMA 5000 series.
- Lloyd's of London
- The London insurance market organized under the Lloyd's Act 1871 and subsequent statutes, comprising managing agents, syndicates, members, and the Corporation.
- Lodestar Marine
- Fixed-premium P&I provider for small craft.
- Lond P&I
- London Steam-Ship Owners' Mutual Insurance Association, founded 1866, headquartered in London; International Group member.
- London International Insurance and Reinsurance Market Association
- Now the International Underwriting Association.
M
- Mareva Injunction
- English asset freezing order, sometimes used in ship disputes.
- Marine Insurance Act 1906 (UK)
- Codifying statute of English marine insurance law.
- Marine Insurance Act 1909 (Australia)
- Australian counterpart largely mirroring the UK 1906 Act.
- Markel International
- Specialty insurer with Lloyd's Syndicate 3000 writing marine cargo, hull and liability.
- Mitsui Sumitomo Marine
- Japanese marine insurer.
- MS Amlin
- Lloyd's managing agent operating Syndicate 2001, owned by MS and AD Insurance Group, writing marine and specialty.
N
- NEPIA (North of England P&I Association)
- Founded 1860 in Newcastle, merged 20 February 2023 with Standard Club to form NorthStandard.
- NK P&I
- Affiliate of Japan P&I Club.
- Nordic Marine Insurance Plan (NMIP)
- Cefor and Nordisk Skibsrederforening sponsored standard wording, current edition 2013 Version 2023.
- Nordisk Skibsrederforening
- Nordic Shipowners' Association FD&D, Oslo, founded 1889.
- North of England P&I
- See NEPIA, merged into NorthStandard 2023.
- NorthStandard
- An International Group P&I club formed in February 2023 by the merger of North of England Protecting and Indemnity Association and the Standard Club.
- Norwegian Hull Club
- The Bergen based mutual hull insurer, a leading Nordic market hull underwriter.
O
- Ocean Marine Insurance Company
- Bermuda-based reinsurer for several IG clubs.
- Offshore Pollution Liability Agreement (OPOL)
- Voluntary scheme for North Sea operators, administered from London.
- Onshore Salvage Claims
- Salvage P&I cover element provided under IG club Rules.
P
- P&I Class I
- Class covering protection and indemnity risks.
- P&I Class II
- Class covering FD&D risks.
- P&I Club
- Mutual insurance association covering protection-and-indemnity risks.
- Pandi Transport
- Russian P&I correspondent network.
- Pooling agreement
- Arrangement to pool earnings of similar tonnage.
- Protection and Indemnity (P&I)
- Third-party liability cover for shipowners and charterers.
Q
- Qatar Marine
- Qatar Insurance Group marine line.
- QBE Marine
- QBE European Operations marine line, formerly British Marine.
R
- RaetsMarine
- Rotterdam-based fixed-premium P&I MGA, now MS Amlin Marine.
- Reinsurance Pool (IG)
- Internal IG sharing layer for claims USD 10 million to USD 100 million.
- RSA Marine
- Royal Sun Alliance marine line.
S
- SCOPIC
- Special Compensation P&I Club Clause, optional supplement to LOF providing P&I-funded tariff remuneration where Article 14 might otherwise apply.
- Skuld
- Assuranceforeningen Skuld, a Norwegian-headquartered International Group P&I club founded in 1897.
- Sovereign Marine and General
- Lloyd's syndicate, historical.
- Standard Club
- The Standard Steamship Owners' Protection and Indemnity Association, founded in 1884, which merged with North of England in February 2023 to form NorthStandard.
- Steamship Mutual
- P&I club operating PEME scheme through approved clinics worldwide.
- Sumitomo Marine
- Now Mitsui Sumitomo.
- Sun Insurance
- Historic UK marine market participant.
- Swedish Club
- Sveriges Ångfartygs Assurans Förening, an International Group P&I club founded in 1872 and headquartered in Gothenburg, writing P&I, hull, and energy.
T
- Thomas Miller
- London-based mutual insurance manager for the UK Club, TT Club, ITIC, UK Defence Club, and Hellenic War Risks.
- Tindall Riley
- Manager of Britannia P&I Club.
- Tokio Marine Kiln
- Lloyd's managing agent operating Syndicate 1880, part of Tokio Marine Group.
- Travelers Ocean Marine
- US ocean marine line.
- TT Club
- Through Transport Mutual Insurance Association, a mutual insurer for transport operators including terminals and freight forwarders, outside the IG.
U
- UK Defence Club
- A mutual FD&D insurance association covering legal costs of shipowner and charterer disputes.
- UK P&I Club
- United Kingdom Mutual Steam Ship Assurance Association, founded 1869, International Group member.
- UK War Risks Club
- Mutual war risks association managed by Thomas Miller.
- Underwriting Manager
- Common P&I structure; the club is managed by an external manager such as Thomas Miller, Tindall Riley, Charles Taylor, or Gard.
V
- Vienna Convention
- Influence on Austrian marine insurance, niche.
- Volcano Insurance Solutions
- Bermuda-based niche.
W
- War Risks Cover
- Class of insurance covering hull and machinery, freight, increased value, and crew risks against war, strikes, malicious acts, terrorism, and piracy.
- War Risks P&I
- P&I cover for war risks where excluded from standard club entry.
- West of England P&I
- International Group P&I club founded 1870.
- WISTA Marine Insurance Section
- Women's International Shipping and Trading Association insurance practitioner network.
X
- XL Catlin Marine
- Marine business unit absorbed into AXA XL.
Y
- Yacht Hull Cover
- Specialist yacht hull insurance offered by Pantaenius, EOS Risq, and Markel.
Z
- Zone Cover
- War risk cover defined by JWC listed areas, with additional premium for transit.
- Zurich Marine
- The marine line of Zurich Insurance Group, writing cargo and hull on a global basis.