P&I Insurance
P&I Insurance (Protection and Indemnity Insurance) is a crucial type of marine insurance that yacht charter companies and boat owners need. It's like a comprehensive liability insurance specifically designed for boats and ships. While regular boat insurance covers physical damage to the vessel, P&I Insurance covers risks related to operating the vessel, like crew injuries, passenger claims, environmental damage, or cargo problems. Think of it as the maritime equivalent of business liability insurance that protects against the human and environmental aspects of running a boat business.
Examples in Resumes
Managed P&I Insurance claims and renewals for a fleet of 15 charter yachts
Reduced company costs by 20% through optimizing Protection and Indemnity Insurance coverage
Handled crew claims and incident reporting for P&I matters
Typical job title: "Maritime Insurance Managers"
Also try searching for:
Where to Find Maritime Insurance Managers
Professional Organizations
Industry Resources
Example Interview Questions
Senior Level Questions
Q: How would you handle a complex P&I claim involving multiple parties?
Expected Answer: Should demonstrate knowledge of claim investigation processes, negotiation with multiple stakeholders, understanding of maritime law, and ability to manage large-scale incidents while minimizing company exposure.
Q: What strategies would you use to optimize P&I coverage costs for a growing fleet?
Expected Answer: Should discuss risk assessment methods, relationship management with insurance providers, loss prevention programs, and understanding of market conditions to negotiate better terms.
Mid Level Questions
Q: What are the key components of a P&I insurance policy that you look for when reviewing coverage?
Expected Answer: Should be able to explain main coverage areas like crew liability, passenger claims, pollution risks, and cargo damage, while showing understanding of policy limits and exclusions.
Q: How do you ensure compliance with P&I insurance requirements across different maritime jurisdictions?
Expected Answer: Should explain basic international maritime regulations, different regional requirements, and methods for tracking and maintaining proper coverage levels.
Junior Level Questions
Q: What is P&I Insurance and why is it important for yacht charters?
Expected Answer: Should be able to explain basic concept of liability coverage for maritime operations and its importance in protecting against crew, passenger, and environmental claims.
Q: What is the difference between Hull Insurance and P&I Insurance?
Expected Answer: Should understand that Hull Insurance covers physical damage to the vessel while P&I covers liability-related risks and third-party claims.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of marine insurance types
- Claims processing and documentation
- Policy review and renewal assistance
- Incident report handling
Mid (2-5 years)
- Claims negotiation and settlement
- Risk assessment and management
- Policy optimization
- Regulatory compliance monitoring
Senior (5+ years)
- Strategic risk management
- Complex claims resolution
- Fleet insurance program management
- Insurance market relationship building
Red Flags to Watch For
- No knowledge of basic maritime terminology
- Lack of understanding about different types of marine insurance
- No experience with maritime regulations
- Poor understanding of risk management principles
