Protection & Indemnity (P&I) insurance covers the common third-party liabilities, costs, and expenses associated with owning and operating vessels which are typically excluded from traditional marine insurance. The main risks insured under standard P&I 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 and, unlike the clubs, charge owners, operators, and charterers a fixed-premium. AG has established access to the mutuals as well as the open market.