Protection and Indemnity (P&I) insurance is liability coverage for all types of ships. It protects the insured – this being Owners or Charterers of a ship from liabilities, including collision, damage to piers, docks, jetties and other fixed floating objects, the removal of wreck costs, Loss of life, injury and sickness of crew, passengers and third parties, Damage to third party cargo on board the vessel, along with oil pollution arising out of the use, or ownership of declared vessels.