P & I Inspections
Geo Chem is renowned to provide protection and indemnity protection services to clients and if you need such services, Geo Chem is the best name there is in the business. Having worked in the field to help our clients reduce losses and accurately make their claims, we can help you take care of all your indemnity requirements. With a team of highly experienced professionals in indemnity and inspection services, we have been serving our clients for a long time now. This extensive experience has helped us become one of the best protection and indemnity inspection service providers in the Middle East and offer highly economical and top-notch services that far surpasses even the loftiest of expectations of the clients.
We leverage the expertise and experience of our team to carry out thorough cargo damage inspection and loss prevention surveys as per the needs of the clients. If the clients need, we are also equipped to offer any investigations or allied surveys to make the best and most comprehensive report for them. As we have an excellent system of report generation that is comprehensive and all-inclusive, our clients are guaranteed to get the best report needed.
In our efforts to support our clients and their requirements, we leverage a range of highly advanced and inclusive systems. As we have a multi-phased service approach, we always live up to the expectations of the clients no matter how stringent their requirements. As we have already mentioned, our professionals have matchless experience in working with both huge and small-scale projects to cater to any kinds of demands of the clients. Our experience in the field has also helped us create unique and tailor-made protection and indemnity protection services for our clients as per their exact needs.
Vessel inspections and risk assessments are a critical part of overall loss prevention measures for most of the major International Protection and indemnity Group in the modern International shipping industry. Most P&I Clubs work hard to establish inspection frameworks and condition assessment criteria which are applied to their considerable fleets, but often lack the global reach and overall resource capacity to execute these inspection campaigns. It is crucial for the clubs' underwriters that their insured risks are minimized, and any sub-standard tonnage is identified and where possible, improvements are made in close cooperation with their shipowners.
Geo Chem supports a number of the International Protection and indemnity Group, to deliver quality, comprehensive and objective protection and indemnity surveys to the international P&I Market on a global scale. Supporting their internal risk process with our unrivalled network of marine surveyors, now covering more than 250 ports worldwide. We also assist shipowners with pre-entry inspections, using our extensive understanding of the international protection and indemnity market and our deep knowledge and experience of all sectors of the global maritime industry.
Protection and Indemnity insurance, or as it is more commonly known – ‘P&I’, is a third-party legal liability insurance for ship owners, operators and charterers. “Third parties are any person, apart from the ship-owner himself, who may have a legal or contractual claim against the ship. The principal risks covered are liabilities, costs and expenses for: Injury, illness and death of crew, passengers or other persons on board, Cargo loss or damage. Legal liability is decided in accordance with the laws of the country where an accident takes place. The P&I insurance cover for contractual liability which is agreed at the time the owner requests insurance cover from the club and is usually in accordance with the owner’s responsibility under crew contracts or special terms relating to the trading pattern of the vessel.
The basic rule governing P&I cover is that the liability or loss must arise:
– In respect of the Member’s interest in an Entered Ship; and
– Out of events occurring during the period of entry of the Ship in the Association; and
– In connection with the operation of the Ship.
Please find below the detailed information for P&I coverage:-
– Running Down Clause (RDC) and Fixed or Floating Objects (FFO):
The P&I cover may include liability for collision, such as when the member’s ship is in collision with another ship, or when the entered ship strikes an FFO, i.e. a quay, dock or buoy. As a Standard P&I cover, 1/4th RDC and 4/4th FFO are included. However, ship owners may adjust the amount of RDC in the P&I cover (i.e. no RDC or 4/4th RDC).
– Loss or Damage to Cargo:
the cargo Insurers (or underwriters) will pay the person or the company who owns the cargo (the receiver) for the costs of loss or damage to that cargo when the cargo has an accident. The cargo underwriters will then seek to receiver their losses from the ship-owner or charterer. The P&I club will usually take over the Handling of such claims on behalf of the assured.