Part 2 Protection & Indemnity Insurance 2017/2018
Explanation of reinsurance and premium structure
The Swedish Club provides P&I cover for its members for each and every accident and/or occurrence up to approximately USD 6.0 billion. The high limit is needed to adequately protect members/ shipowners financially and to make sure that they are covered for accidents that may occur under worst-case scenarios, when taking into account current international legislative schemes.
To be able to provide for these limits, the IG Clubs, where The Swedish Club is a member, reinsure each other as well as buy reinsurance together to ensure that insurance costs are kept to a minimum. It is our aim to try to explain how we reinsure P&I liabilities on behalf of our members and the different costs involved, as well as showing how premiums are charged.
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