Company Research Report: American Steamship Owners Mutual Protection and Indemnity Association, Inc. (The American Club)

Company Overview

Name and Mission

• Name: American Steamship Owners Mutual Protection and Indemnity Association, Inc. (The American Club)

• Mission: To provide unparalleled insurance coverage and mutual protection for members, promoting a culture of personalized service and financial stability.

Foundation and Key People

• Founded: 1917

• Founders: Not specified

• Key People: Day-to-day management is carried out by Shipowners Claims Bureau, Inc.

Headquarters and Workforce

• Location: Headquartered in New York, United States

• Employees: No information is available regarding the specific number of employees.

Financial Information

• Revenue: No information is available regarding the revenue of the company.

Recognition

• Known for: Being the only mutual Protection and Indemnity Club domiciled in the United States and a member of the International Group of P&I Clubs, offering extensive coverage for shipowners and charterers globally.

Products

Product Offerings

1. Protection and Indemnity (P&I) Insurance

• Description: Covers shipowners and charterers against third-party liabilities from their operations.

• Key Features:

• Coverage for damage to cargo, pollution, and personal injuries.

• Limits of up to $1 billion for oil pollution, $3 billion for passenger and crew claims.

2. Freight, Demurrage, and Defense (FD&D) Insurance

• Description: Covers legal costs for disputes related to freight and charter parties.

• Key Features: Provides negotiation and legal assistance.

3. Insurance for Charterers' Risks

• Description: Covers liabilities unique to charterers.

• Key Features: Tailored limits subject to negotiation.

4. Eagle Ocean Marine Fixed Premium Facility

• Description: Provides fixed premium P&I and FD&D cover for smaller vessels.

• Key Features: Backed by the American Club with Lloyd's underwriters, offering robust security.

5. American Hellenic Hull Insurance

• Description: Hull and machinery insurance through American Hellenic Hull Insurance Company.

• Key Features: Fully capitalized under the EU Solvency II regime, offering a strong presence in the marine insurance market.

Recent Developments

Recent Activities and Partnerships

• New Developments: The company strengthened its hull and machinery market presence through American Hellenic Hull.

• Partnerships: No specific new partnerships were mentioned.

• Product Innovations: No information is available regarding new product launches or feature additions.

Summary

The American Club continues to build on its extensive heritage and strong US base, evolving into a globally recognized P&I insurer with robust offerings and a significant market presence worldwide. They are strategically positioned with subsidiaries across London, Piraeus, Shanghai, and Hong Kong, enabling comprehensive support for members worldwide.