Perlindungan Dan Indemniti Malaysia Sdn Bhd or commonly known as the Malaysia P&I is a dedicated management company set up to handle day-to-day operations of a Malaysian Mutual Protection and Indemnity Club. It is a new and innovative company bringing a bold and fresh approach to insurance that meets the needs of today's shipping industry.
Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I Club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes a carrier's third-party risks for damage make to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution.
Our shareholders consisted of key individuals who are related directly to the maritime industry. Our role as a local solution provider is to provide policies for specialist and commercial marine risks. Besides having an experienced underwriting team within P&I Malaysia, we also work very closely with RaetsMarine Insurance B.V., who is an established P&I provider currently underwriting liability insurance cover for major vessels in Malaysia. The company also act as a national resource and reference center for marine liability thus ensuring total know-hows of maritime insurance besides protection to business owners as well as consumers.
The Malaysia P&I works in close collaboration with the Maritime Institute of Malaysia which in turns direct and monitor the policy research and risk profile development objectives in collaboration with the Ministry of Transport and the Marine Department of Malaysia.
The Malaysia P&I focus on areas where we can add value – covering the complex, bespoke risks that no one else can.
What is a P&I Club?
A P&I Club is a mutual insurance association that provides risk pooling, information and representation for its members. Unlike a marine insurance company, which reports to its shareholders, a P&I club reports only to its members.