Letter of Indemnity is a document given by the shipper to the shipowner (master of the ship). This is commonly known as LOI. LOI contains the indemnification of the shipper and the shipowner demands an LOI to protect their interests. Letter of Indemnity could contain both qualitative and non-qualitative clauses. The shipowner must be careful when accepting an LOI, as some LOI’s are not valid before the law.