Insurance in Shipping

Introduction to Marine Insurance, Maritime Perils and the Policy of Insurance

Brief introduction to marine insurance, definition of maritime perils, perils insured under a marine insurance policy, commencement and termination of the risk, variation of contracts of insurance, Institute Time Clauses (Hulls), other marine insurances, warranties, structure of the insurance markets, reinsurance, professional services.

Principles Embodied in the UK Marine Insurance Act 1906

The marine adventure and maritime perils defined, insurable interest and measure of insurable value, commencement and termination of the risk, uberimmae fidei – utmost good faith, warranties, the need to disclose material information - onus of proof, measure of indemnity

Contracts for Hull & Machinery Insurance and The Perils Insured Against

Marine insurance policies, variations of contracts of insurance, Institute Time Clauses (Hulls) 1995 versus the International Hull Clauses 2003, perils insured against in the clauses, how the ISM (International Safety Management) Code may impact in the future: the extension of the " due diligence" concept, collision liability, War & Strikes, additional perils and mortgagees interest insurance.

Placing the Hull Risk, The Markets for Marine Insurance & The Role of the Hull Broker

The markets for hull insurance, function of the Broker, relationship to his client the Assured, brokers Codes of Practice, function of the Underwriter, organisation of an insurance company, Lloyd's Underwriters, market practices, analysing the risk, rating the risk, placing the risk in the markets, cover notes and policies, notification of casualties, claims recovery, basic documents in making a claim, security to salvage

Cargo Insurance: Clauses & Risks

Sale of Goods Act, Incoterms 2000, certificates of insurance, Institute Classification Clause, restrictive cargo insurance measures, seller's interest, Attachment and Termination of risk, summary of the Institute Cargo Clauses A, B and C, and war and strikes clauses.

Placing of Cargo Risk, Cargo Insurance Markets and the Role of the Cargo Broker

Market practices, types of transit, defining the cargo, basis of valuation, transhipments, facultative versus twelve month transit cover, stock throughputs, brokers responsibilities, preparing the "slip", conditions of the policy, comparison of Institute Clauses A,B & C and the American Institute Cargo Clauses, special cargo clauses, declarations, insuring project cargoes, Particular Average (PA) and Free of Particular Average (FPA) Claims, subrogation

War Risk Insurance

History and development, the" Free of Capture and Seizure" clause, Institute War and Strikes Clauses, risks covered and excluded, link with P&I, notice of cancellation and automatic termination, additional premium areas, position of mortgagee, lessons from the Middle East Gulf, periods of cover and cost.

The P&I Clubs

Historical background, structure of a Club, mutuality principle, underwriting the risk, spreading the risk, services provided by the Clubs, increase in claims, increase in calls, Group Pool and market reinsurance, the payment of a major claim, scope of cover provided by the Clubs, limit on cover provided by the International Group.

Adjustment of Claims

Role and appointment of average adjusters, role of the Salvage Association, notifying underwriters, provision of a survey and preparation of claims documents, collection of a claim.

Particular Average

Allocation of costs and repair, constructive and actual total loss, underwriters rights and liabilities on payment of constructive total loss, salvage and general average expenditure.

General Average

Declaration of general average, York-Antwerp Rules, cargo's contribution to general average sacrifice, general average expenses recoverable from colliding vessel, position regarding salvage, temporary repair and dry-dock expenses.

Organisation of the Claims Market and Processing of Claims

Who's Who in marine hull claims and what do they do, progress of a claim from casualty to collection, definition of hull, cargo and freight claims, suggestions whereby shipowners can help in obtaining a quicker settlement of their marine claims.

Collision

Definition, causation, jurisdiction, security, apportionment of blame, damages.

Salvage

Elements of salvage and considerations for an award, forms of salvage agreements (Lloyd's Open Form), practical advice to shipowners and masters in the acceptance of salvage services and their respective duties during salvage operations, International Convention on Salvage 1989, Article 14 of the Convention Special Compensation Awards, changes to Lloyd's Open Form affecting Salvors' award, operation of the Scopic Clause, examples of Admiralty Court awards.

Cargo Claims Against Shipowners

Present state of the shipping market and the reasons for the increase in the number of cargo claims, analysis of claims, Hague Rules, Hague/Visby Rules and Hamburg Rules, cargo underwriting and the practical aspects of claims handling with regard to both dry cargo and tanker claims, how owners can protect themselves against cargo claims through attention to contract documentation and to operating procedures, how claims are settled by negotiation, arbitration and litigation, operation of the time bar, practical advice for owners and masters.