Protection & Indemnity (“P&I”) insurance provides cover for those common third party liabilities, costs and expenses associated with owning and operating vessels which are typically otherwise excluded from traditional marine insurance covers. The main risks included under standard P&I cover are loss or damage to cargo, collision, war risks, and crew injury and loss of life. Worldwide, 95% of P&I cover is provided through mutual insurance associations (P&I Clubs), which also offer freight, demurrage, and defence cover for legal costs. However, an increasing number of commercial insurers provide P&I cover, and unlike P&I Clubs charge owners, operators, and charterers on a fixed premium basis. AG has established access both to mutual and to open markets.