Course description

Marine Insurance

Introduction

The course gives an introduction to international marine insurance, which is insurance for ships and ships operations. Both direct insurance and reinsurance is covered. The students will learn the basics of marine insurance as opposed to non marine insurance. Common insurance terms are discussed, as well as the specific terms applicable to marine insurance covers. The course covers the marine insurance markets worldwide as well as the conditions and rules applicable to different covers, focusing on on of the worlds largest insurance market, the Scandinavian market. The students will learn to identify the Owners, Charterers and other third party insurable interests in the vessel. The course focuses on capital insurance, insurance for potential legal liabilities and insurance against freight losses and war risks. The principal covers and conditions for H&M insurance, P&I insurance, TLO, freight and war insurance are covered. There will be an emphasis on practical case work.

Course content

  • Introduction to marine insurance, terms and abbreviations
  • Insurance and reinsurance
  • Mutual and commercial insurance
  • The Norwegian Marine Insurance Plan
  • Insurable interests of shipowners, charterers and third parties
  • The marine insurance markets world wide
  • The attachment, duration, alteration and termination of the insured risk (including change of voyage, deviation and delay)
  • Warranties (express and implied)
  • Conditions and other terms
  • Hull and Machinery Insurance
  • P&I
  • Total Loss only insurance
  • Freight insurances
  • War risk insurance
  • Third party covers
  • Clams handling and practical case work

Learning outcome knowledge

The students will acquire an understanding of laws, rules and conditions applicable to international marine insurance, including:

  • Assessment of insurance needs for owners, charterers and third parties
  • The markets for marine insurance and reinsurance
  • Insurance terms
  • General rules applicable to insurance and reinsurance
  • The Nordic Marine Insurance Plan
  • Hull and Machinery Insurance
  • P&I Insurance
  • Loss of Hire insurance
  • Insurance against total loss only
  • Mortgagee interest insurance
  • War Insurance
  • Basic underwriting principles

Exam organisation

  • Written exam: 100%