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87 Tul. L. Rev. 1147 (2012-2013)

handle is hein.journals/tulr87 and id is 1213 raw text is: The Central Role of P&I Insurance in Maritime Law John D. Kimball* When a ship proceeds to sea, it is beset by danger on all sides. The scope of nisks involved is just as vast as the ocean. They range from the most mnor to the catastrophic. The focus of this Article is protection and indemnity (P&I) insurance, a fonn of coverage under which shpowners and charterers are protected against the nsk of liability to thid parties and which plays a central role in maritime law This Article considers the extent to which courts m the United States enforce and give effect to P&I insurance, especially in situations where the shpowneris unable to meet its fmancial obigations or has gone into bankniptcy I. INTRODUCTION. .................................... 1148 II. MUTUALITY. ................................ .......1148 III. WHY P&I INSURANCE IS DIFFERENT FROM LIABILITY INSURANCE. ................................ .......1149 IV RECOGNITION OF THE VALIDITY OF INDEMNITY INSURANCE. .................................. .....1149 V NOTICE OF CLAIM PROVISIONS ................... .....1151 VI. ENFORCING ARBITRATION CLAUSES ............ ........1152 VII. WHEN CLAIMS COME INTO CONFLICT WITH P&I CLUB RULES...........................................1153 VII UNITED STATES BANKRUPTCY ISSUES........... ........1155 A. Cesser Clauses. ...................... ..... 1155 B. ClaimsAdhistrtion .....................1156 IX. CONCLUSION .......................................... 1160 X. SAMPLE PAY-FIRST RULES OF SELECTED P&I CLUBS...............1161 A. Steamship Mutual: Rules and List of Correspondents 2013/2014.................... 1161 B. The London P&I Club: P&IRules 2011-2012............. 1161 C Standard P&I and Defence Rules 2012-2013................. 1162 D. UKP&I Club Rules & Bye-Laws 2012...... .....1162 * V 2013 John D. Kimball. Partner, Blank Rome LLP, and Adjunct Professor, New York University Law School. The legal research assistance of my associate, Emma Jones, is gratefully acknowledged. 1147

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