Protection & indemnity (P&I) clubs have been at the centre of much shipping news in recent years. Most prominently, the Costa Concordia disaster cost insurers more than USD1.4 billion. P&J clubs have also been at the forefront of shipping's efforts to engage with governments and regulators on issues that drive the push for safety at sea. The risk of fixed-premium P&I cover is also increasingly luring tonnage away from traditional mutual P&I clubs, with many members of the International Group of P&I Clubs (IG) setting up their own fixed-premium facilities.
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