What is P and I club ?
P&I Clubs are the risk sharing clubs comprising of the various ship owners.
Think of it in terms of car insurance that we pay. Now, what if 100 car owners get together and make a club. This club would cover (contribute) to the damage of any car in that club. So if there is no accident for one year, there would be no insurance cost for the cars. Each car owner saves money this way. This is called mutual sharing of risk.
The principle of working of P&I clubs is the same. It works on the mutual sharing of risk.
For more detailed information on P&I clubs and its functioning, you can read this blog.
More things to do on myseatime
Learn the difficult concepts of sailing described in a easy and story-telling way. These detailed and well researched articles provides value reading for all ranks.
Seafarers Question Answers
Ask or answer a question on this forum. Knowledge dies if it remains in our head. Share your knowledge by writing answers to the question
This podcast on the maritime matters will provide value to the listeners. Short, crisp and full of value. Stay tuned for this section.