Comparative Studies On P&I Insurance And Marine Liability Insurance

It is a long and winding journey to recognize Protection and Indemnity Insurance(P&I Insurance). P&I Insurance is not a type of insurance——P&I Insurance is a type of insurance——P&I Insurance is not commercial insurance——P&I Insurance is not the same with marine liability insurance.We can not properly explain the special characters of P&I Insurance. For example, the legal position of P&I Club and insurance firm is not the same , the policy-holders were restricted in many kinds of ways and the third-party including administration and state; P&I Insurance cover not only liability insurance but also property insurance, even administrative penalty; there are many obvious differences between P&I Insurance and Marine Liability Insurance in the constitution , the rights and obligation of the contract; for example, the policy-holder of P&I Insurance has the right to be elected as the board member and to select the board member. Besides, there are some discrepancies in the compensation claim procedure, P&I Insurance hold the "pay first" clause, meanwhile, the marine liability insurance has stared to give the insured the right to sue insurer directly.By comparing the elements of P&I Insurance and Marine Liability Insurance, this essay holds the idea below. P&I Insurance is not pure Marine Liability Insurance, it has some of the characters of both liability insurance and property insurance, at the meantime, it shows the characters neither the liability insurance nor the property insurance has. When the existed theory and concept can not explain these new phenomenon, we should do some research on it and then find out the disciplinarian, it is a new type of marine insurance.