P&I club looks to offshore risk

Credit: Statoil
Credit: Statoil

The move by Protection & Indemnity (P&I) clubs to expand their products ranges has continued as the UK P&I Club announced it is to offer cover for offshore risk.

The UK Club said it will partner with Thomas Miller Specialty Offshore (TMSO), to provide its members with a range of insurance covers in the offshore sector to meet any incurred liabilities and losses.

In recent years clubs have looked at moving away from offering only traditional liability covers with many looking at hull and cargo covers. Many have looked at how they can grow their businesses in the fact of the extended downturn in global shipping post the economic crisis of 2008.

Last week saw the Standard Club announce that delay insurance mutual was to be integrated into the club enabling The Standard to offer delay and strike cover to its members.

The UK Club said its new offshore products cover a wide range of operations such as anchor handling, tug and supply, offshore and diving support, offshore construction, pipe and cable laying, seismic research, windfarm support, and ROV/Subsea operations.