• Year-on-year P&I tonnage rises by 10%, premium by 4%, FD&D tonnage and premium grow by 8% and 2% respectively.
• Club’s retained claims exposures continue to develop favorably into 2019.
• Investment earnings rebound substantially in January 2019 following creditable 2018 year-end performance.
• Eagle Ocean Marine enjoys year-on-year revenue growth of 42% as fixed premium market continues to undergo realignment.

NEW YORK, FEBRUARY 25, 2019: The American Club experienced a very positive outcome to the recently-concluded 2019 P&I renewal season. The Club’s mutual P&I and FD&D business saw increases in both tonnage and revenue, while the Club’s fixed premium facility, Eagle Ocean Marine (EOM), recorded a significant rise in year-on-year income.  There was also good news on the claims and investment fronts.

The American Club’s mutual P&I business saw tonnage increase by more than 1.6 million gt as of February 20, 2019 by comparison with the previous year, and by just under 900,000 gt in regard to mutual FD&D entries. Year-on-year premium growth was more subdued – as soft market conditions continued to prevail – with increases of 4% for P&I and 2% for FD&D entries.  However, the average rate per gt on renewing P&I entries was about 1.5% higher than the expiring figure, a positive sign for risk pricing into 2019 and beyond.

The Club’s retained claims development for the most recent policy year remained favorable, emergence for 2018 at the twelve-month point being some 26% better than 2017. While the figures are immature, they augur well for the future, although the incidence of larger claims within the International Group Pool over recent months will counterbalance to some extent the very favorable results of the Club’s own Members.

The Club’s fixed premium brand, Eagle Ocean Marine (EOM), also saw substantial growth.  It acquired nearly 450,000 gt of new business over the renewal season, reflecting additional revenue of about $2.75 million.  Year-on-year premium for EOM increased by 42% as of February 20, 2019, while its claims performance continued to develop favorably.  EOM complements the Club’s mutuality as it grows its footprint throughout the world.  In a period of some uncertainty for the fixed premium P&I market, EOM remains committed to providing the gold standard of service in its field.

Having successfully weathered financial market turmoil toward the end of 2018, the American Club’s investment portfolio has performed well into the current year.  While the Club’s investment return was flat at year-end 2018 (though substantially better than benchmark), its portfolio generated a return of 2.7% for January 2019 alone, with a positive 1% in the fixed income space being further buoyed by an equities’ performance in excess of 7% for the period.

Speaking in New York today, Joe Hughes, Chairman and CEO of SCB, Inc., Managers of the American Club, said: “The 2019 renewal was thoroughly positive for the American Club and Eagle Ocean Marine. Both performed exceptionally well in a challenging environment.  Their success in attracting new business speaks to the confidence of the global maritime community in the Club’s and EOM’s ability to deliver insurance services of the highest quality and relevance to their customers.

Our outstanding people are at the core of our continuing success, and I am certain that the American Club and EOM will continue to be the leading choice for those we are proud to serve over the years ahead.”

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

Key indicators advance steadily: premium and tonnage increase while claims remain subdued

New York, January 24, 2019: The American P & I Club has recently issued a circular containing a progress report highlighting some of the latest Club metrics in regard to tonnage, premium, claims, investment income and free reserves as the 2019 renewal draws near.

Most of the Club’s key operational indicators show positive progress. Premium and tonnage have maintained their upward trajectory, claims have remained subdued – both in relation to attritional exposures and larger losses – and, despite heavy turbulence in the financial markets toward the end of 2018, the Club’s funds under investment have held up well.

Tonnage and premium development

• The Club’s profile in this respect has remained broadly stable over the past twelve months
• Class I (P & I) tonnage has grown by about 3%, Class II (FD & D) by 1%
• Premium has increased by about 2% in regard to P & I entries, and by 1% for FD & D business
• Grounds for optimism that these trends will continue into 2019 as the prospects for the maritime sector improve.

Development of retained claims

• Frequency and severity of losses have shown a downward trend in recent years
• Incurred claims at December 20, 2018 were 17% lower than those for 2017 at the same point of emergence
• Figures augur well for 2018 policy year’s ultimate claims outturn going forward.

Development of Pool claims

• 2014 through 2016 policy years continue to develop favorably
• 2017 and 2018 are emerging at higher levels of aggregate loss
• More a reversion to historical mean than indication of above-trend inflationary pressure.

Development of premium per gross ton (GT) and retained claims per GT

• Important driver of premium pricing has been a steady decline in the average cost of claims
• But average premium per ton has moved slightly upward since the beginning of 2018
• Encouraging sign which reflects the Club’s policy of prudent risk pricing.

Investment performance

• Return of 8.1% for 2017 was the best the Club had achieved in nearly a decade
• Earnings for 2018 were challenged by the considerable turbulence experienced in the investment markets
• Fund performance was flat at year-end, demonstrating resilience of the Club’s asset class selection

Development of statutory surplus/free reserves per GT

• Remains consistent over recent years
• Supported by a benign claims environment, prudent levels of risk pricing and respectable investment returns.

Eagle Ocean Marine (EOM)

• American Club’s fixed premium facility, Eagle Ocean Marine, continues to complement Club activity
• EOM compound premium growth over last three years nearly 20% per annum
• Aggregate combined ratio less than 70% since 2011 inception to year-end 2018.

American Hellenic Hull Insurance Co. Ltd. (AHHIC)

• AHHIC shows steady growth over first thirty months of operation
• At year-end 2018, about 2,300 vessels within AHHIC portfolio, with broad range of domiciles and vessel types
• Aggregate gross loss ratio for 2018 very favorable, aided by rising premium rates and growing profitability
• American Club continues to benefit from substantial cross-selling opportunities.

Joe Hughes, Chairman & CEO, Shipowners Claims Bureau, Inc., Managers for the American Club said that the New Year’s report was intended to provide Members, their brokers and the Club’s many other friends and associates with a useful picture of the Club’s affairs – and those of its related businesses – at this important juncture in its continuing development.

He added: “As the American Club moves further into its second century of service to the global maritime community, it looks forward with its characteristic energy and enthusiasm to growing success in its expanding fields of enterprise over the years ahead.”

ENDS           

Notes to Editors

More information on the above press release, with tables and charts illustrating the performance of key indicators, can be found in the American Club’s Circular 02/19 at this link: https://www.american-club.com/files/files/cir_02_19.pdf

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

Publication released on World Mental Health Day to promote the recognition of mental wellbeing as a key component of the health of seafarers, who live and work in conditions which sometimes generate not only physical but also psychological challenges.

 New York, October 9, 2018:        

 In a joint initiative, the American Club and Seamen’s Church Institute (SCI) have cooperated to produce a new guide, Caring for Seafarers’ Mental Wellbeing, due for release on October 10 in recognition of World Mental Health Day, 2018.

The document provides guidance on responding to both routine and extreme stressors impacting the quality of life and safety of seafarers both ashore and afloat, and seeks to promote awareness generally of the importance of seafarer mental wellbeing.

Numerous maritime organizations have supported recent initiatives to enhance understanding about the emotional – and psychological – highs and lows of life at sea, and thousands of seafarers have shared their personal stories with SCI staff amid routine, stressful, or tragic circumstances.

The Rev. David M. Rider, President & Executive Director, Seaman’s Church Institute, said:

“Coming from our insurance and humanitarian perspectives respectively, the American Club and the Seamen’s Church Institute (SCI) share a passion and deep respect for the human factors involved in safe maritime commerce and quality of life for those who work on ships around the world.

With nearly 300 years of combined maritime service, our organizations know intimately the triumphs, tragedies, and risks associated with maritime life. Together, we want to better understand the root causes of failure and the unique DNA of resilience embodied by seafarers at work 24/7/365 to support our modern way of life.”

Extreme stress can make seafarers vulnerable to mental health issues. No research has shown that seafarers suffer different rates of mental health problems than the general population or other working occupations. However, the World Health Organization has estimated that at any given time, approximately 20% of the adult population have a mental health problem, and that these mental health issues have attendant costs, for example, $192 billion in lost earnings per year in the United States alone.

Joseph E.M. Hughes, Chairman and CEO, Shipowners Claims Bureau, Inc., Managers for the American Club, said:

“Service at sea is a particularly challenging vocation. It entails, in addition to often hard physical work, and sometimes real danger, dislocation from family and friends, native cultures, and the many other elements of psychological contentment.

It is particularly important, therefore, that all stakeholders in maritime enterprise are conscious of the emotional challenges that arise from these conditions of seafarer service, and that they are equipped to handle their consequences.

The American Club is particularly proud to have worked on the production of this booklet with the SCI. By learning from seafarers and educating the industry in this way, we seek to raise the profile of mental wellbeing as a key component of a healthy and effective working environment for seafarers.

It is by no means exhaustive on the subject, but it is hoped that those who use it to enhance awareness of mental health as a real dimension of service at sea will find it to be useful in progressing their aims.”

The guide is produced in English (electronic and printed), new and traditional Mandarin (electronic only) and Russian (electronic only) and to access the new guide, Caring for Seafarers’ Mental Wellbeing, please go to: https://www.american-club.com/page/seafarer-wellness

ENDS

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

The Seaman’s Church Institute

The Seamen’s Church Institute of New York & New Jersey was founded in 1834 by Charles Sherman Haight Sr. and is affiliated with the Episcopal Church.

It serves mariners through education, pastoral care, and legal advocacy and incorporates real-life experience into its mission – always ahead of the trends that shape life on the water. SCI uses seafarer centers and trusted, one-on-one relationships with mariners to anticipate and meet their evolving needs.

The many facets of SCI’s institutional work include adult education tailored specifically for professional mariners and advocacy for mariners’ welfare, providing professional legal services free of charge. From this historic legacy and recent work on piracy, suicide prevention, and medical wellbeing, SCI draws from its chaplains’ daily interaction with seafarers, its Center for Seafarers’ Rights cases and advocacy work, its maritime education insights, and its cross-disciplinary work with maritime physicians and psychologists.

SCI understands the challenges mariners face and speaks out for their rights. Throughout its history—as well as today—SCI has helped shape legislation making the world a better place for mariners.

For more information, please visit SCI’s website http://seamenschurch.org/

New York, May 23, 2018

Following its long tradition of advisory service to maritime operators, the American P&I Club has issued two comprehensive shipowners’ guides to regulatory compliance; Welcome to Greater China and Welcome to the USA.  Also published recently is one of the Club’s concise pocket guides for seafarers, Good Housekeeping and another for masters and mates, Signing Bills of Lading.

The American Club sees providing advice on safety, environmental protection, cargo worthiness and regulatory issues as a crucial part of its service to Members and the shipowning community at large.  The complexity of maritime regulation in many countries is widespread and ever-changing.  With the USA and China both being major trading nations, and significant operators in world maritime commerce, knowledge of and adherence to all regulations that apply in either jurisdictions is of great importance.

Dr. William Moore, Senior Vice President and the Club’s Loss Prevention Director, commented, “We’ve introduced this series of ‘Welcome to’ guides to encourage owners and operators to appraise themselves of regulations with which their vessels must abide.  Responsible operation ensures safety and, of course, avoids delays and potential fines.”

Both the USA and China guides are presented in a clear, easy to follow tabular format and broken down into sections relating to Safety, Maritime Security, Environmental Protection and Liability.  Each are fully comprehensive and cover all regulations from crew nationality to spillage response plans, and from ballast water management to garbage disposal. They have been up-dated, with all regulatory changes as of May 2018, and are available via the American Club website at:

http://www.american-club.com/page/USA-regulations

http://www.american-club.com/page/greater-china-regulations

Joe Hughes, Chairman and CEO of the American Club’s managers highlighted the crucial role of loss preventing advisory services, “We are acutely aware of the need for accurate information to be readily available to operators and crew.  In the case of ships’ masters and mates the format of its presentation should be intensely practical.  So I’m pleased that we have also recently published another of our successful Pocket Guides for handy use by ships’ officers.  This one dealing with the sometimes vexing questions surrounding Signing Bills of Lading.”

The bill of lading pocket guide is once more designed to be comprehensive in covering all possible circumstances where the officer in charge is called upon to sign bills of lading.  It covers aspects of Bills of Lading clauses including accurate description of goods; non-negotiable copies; charter party incorporation and carriage terms. This guide is a reliable manual for crew responsible for making on-the-spot decisions regarding correct bills of lading procedures.

Also in the Pocket Guide series and published late last year is Good Housekeeping which focuses upon ensuring the appearance of ships and shipboard equipment.  Such outward appearances rarely go unnoticed during port state control or vetting inspections, ISM audits and condition surveys.

As the series’ name suggests, the guides fold down to a size easily kept in a jacket or shirt pocket.  Access to and more information about the American Club’s loss prevention services and publications is available at http://american-club.com/page/loss-prevention.

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

Joint Initiative Tackles Common Causes of Maritime Accidents

New York, May 10, 2018

ABS, the American Club and Lamar University are launching a new initiative aimed at reducing maritime-related safety incidents. The initial focus of the partnership’s analysis and industry guidance will be on slips, trips and falls, a significant cause of maritime injuries.

Commenting for ABS, Manager of Human Factors, Dr. Kevin McSweeney said, “We are excited to work with our partners to develop pragmatic guidance for some of the most common hazards and behaviors affecting maritime personnel. Much still remains to be done in reducing these incidents.” McSweeney provides more detail, “Slips, trips and falls have received a lot of attention over the years but remain a leading cause of incidents aboard ship. This initiative will identify, prepare and share actionable safety-related guidance to help organizations better prioritize resources and measure progress to improve seafarer safety and health.”

According to the ABS Mariner Safety Research Initiative, the commonly reported causes of slips, trips, and falls are situational awareness (40%) and poor housekeeping (29%). The American Club’s Senior Vice President William Moore emphasized the collaborative nature of the initiative, “The specific talents of all three partners have come together in identifying common behaviors and hazards impacting maritime personnel; developing recommendations for interventions that can improve safety, as well as presenting guidance to marine owners and operators in understanding key causes, with the ultimate aim of implementing onboard strategies to mitigate these incidents.”

“Our goal with this initiative is developing practical industry recommendations that can be applied to improve the day-to-day safety of maritime crews and staff,” said American Club’s Moore. “By working with ABS, a recognized leader in maritime safety, and Lamar University, this effort will move the ball towards the ultimate objective of reducing work-related incidents; we all fully appreciate what impact fatalities and serious debilitating injuries will have on associated costs to marine liability insurers – let alone the abject misery caused to the families of affected seafarers.”

“Through the ABS/Lamar University Mariner Safety Research initiative, we have a long history of providing solutions to help prevent maritime injuries”, stated Lamar University Professor and Chair of the Department of Industrial Engineering and Director of the Mariner Safety Research Initiative, Dr. Brian Craig. “By collecting and analyzing injury and incident data we can identify lessons learned and corrective actions to aid in preventing the occurrence and reoccurrence of maritime injuries. We all believe that this partnership will help improve the welfare of the maritime industry’s most valuable asset; its seafarers.”

ENDS

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design, and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.

About The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/.

About Lamar University

Home to more than 15,000 students, Lamar University, near Houston in Beaumont, Texas, is among the state’s fastest growing colleges and universities, and is a member of The Texas State University System. LU offers more than 100 programs of study leading to bachelor’s, master’s and doctoral degrees.

The university has been nationally recognized for the quality of its core curriculum and the diversity of its student body. LU stresses academic achievement by emphasizing hands-on learning at all levels, providing ample opportunities for undergraduate research and supporting an excellent Honors Program. The university is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools. Several LU colleges and programs hold additional specialized accreditations, including the five undergraduate engineering programs in the College of Engineering. LU also is home to the many unique programs including the Center for Advancements in Port Management, the Center for Innovation, Commercialization and Entrepreneurship, and the Mariner Safety Research Initiative.

For more information, please visit Lamar University website https://www.lamar.edu/, the Department of Industrial Engineering website https://www.lamar.edu/engineering/industrial/index.html, and the Mariner Safety Research Initiative website http://maritime.lamar.edu/.

International P&I insurer publishes book to mark this milestone and its place in the global maritime industry

NEW YORK, JANUARY 3, 2017:

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published.

The book tells the story of the Club across ten decades of maritime and marine insurance history both within the United States and across the world. Its author is Richard Blodgett, a former Wall Street Journal reporter whose previous credits include histories of the New York Stock Exchange, Kohler and Co. and JPMorgan Chase & Co.

The Club’s Chairman, Arnold Witte of Donjon Marine Co., Inc., commented:

 “P&I clubs are one of the least known, yet significant, niches of the maritime world. The American Club: A Centennial History reveals the rich traditions of the clubs through the spyglass of the only P&I club in the Americas. I am delighted that we have been able to record for posterity the challenges the American Club has faced over the years, and we are very proud of all the achievements and benefits it has brought those who work in the global shipping industry and to marine insurance in general.”

The American Club was founded in February, 1917. War was raging in Europe when the Club began. At that time, P&I insurance was available primarily from clubs in the United Kingdom and Scandinavia. In consequence of UK government trade-related sanctions which had been imposed on certain US shipowners in 1916, the American Club was established to provide a reliable source of coverage in the United States.

The Club was the brainchild of W. H. LaBoyteaux, President of Johnson & Higgins, the leading US marine insurance broker in the United States at that time. The Club was an immediate success, enjoying the support of many of the foremost US steamship companies.

The size of the American merchant marine fluctuated in the 1920s and 1930s. It grew during World War II, but entered a prolonged period of decline thereafter. In the decades from 1950 onward, the worldwide merchant fleet grew steadily. But nearly all that growth was taking place outside the United States.

Although the Club only admitted its first foreign-flagged member in 1980, it had ambitions of further international growth over the years which followed. These ambitions gained momentum in 1995 when the Club implemented a major strategy for growth and diversification. Entitled Vision 2000, it called for new leadership, the expansion of the Club’s membership internationally, the establishment of overseas offices, the development of new insurance lines and many other initiatives designed to place the Club at the forefront of its industry peers.

In 1998 the American Club became a full member of the International Group of P&I Clubs. This alliance of leading insurers provides outstanding security and technical resources to the maritime community. It also supports the industry’s broader interests as one of shipping’s most influential voices.

Today, the American Club is thoroughly international in scope, offers the broadest range of marine insurance products and is larger and more successful than ever. On the threshold of its centennial year, Members domiciled outside North America account for about 85% of the Club’s insured tonnage.

Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc., also commented:

“Today the American Club is thoroughly international in scope, offers a broad range of marine insurance products and is larger and more successful than ever. At present, members domiciled outside North America account for some 85 percent of the Club’s insured tonnage. What was founded in 1917 as an American Club serving the American steamship industry has successfully recast itself as an American Club serving the global maritime community, building on the enduring values of its long traditions.”

ENDS

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.