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Mutual risk: P&I insurance clubs and maritime safety and environmental performance

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  • Bennett, Paul

Abstract

This paper examines the role of co-operative self-regulation, or co-management, in safety and environmental regulation in the shipping industry. The focus is on Protection and Indemnity (P&I) Clubs in which third-party liabilities of 90% of the world's fleet (by tonnage) are insured. In theory, this creates a mutual interest amongst shipowners in minimising risk. The paper examines how this mutual interest is translated into individual behaviour, and the institutional challenges involved in maintaining mutuality within and between the Clubs. There follows an evaluation of the legitimacy of enrolling private interest groups in regulation in which a wide range of actors hold a stake. The paper concludes that P&I Clubs make a modest contribution to safety and environmental regulation, but also have some potentially unfavourable wider social implications.

Suggested Citation

  • Bennett, Paul, 2001. "Mutual risk: P&I insurance clubs and maritime safety and environmental performance," Marine Policy, Elsevier, vol. 25(1), pages 13-21, January.
    • Handle: RePEc:eee:marpol:v:25:y:2001:i:1:p:13-21
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    Citations

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    Cited by:

    1. Jing Liu & Michael Faure, 2018. "Risk-sharing agreements to cover environmental damage: theory and practice," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 18(2), pages 255-273, April.
    2. Mason, Michael, 2002. "Transnational compensation for oil pollution damage: examining changing spatialities of environmental liability," LSE Research Online Documents on Economics 570, London School of Economics and Political Science, LSE Library.
    3. Assunta Di Vaio & Luisa Varriale, 2018. "Management Innovation for Environmental Sustainability in Seaports: Managerial Accounting Instruments and Training for Competitive Green Ports beyond the Regulations," Sustainability, MDPI, vol. 10(3), pages 1-35, March.
    4. Klanac, Alan & Varsta, Petri, 2011. "Design of marine structures with improved safety for environment," Reliability Engineering and System Safety, Elsevier, vol. 96(1), pages 75-90.

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