Marine Insurance

Introduction

The course gives an introduction to international marine insurance, which is insurance for ships and ships operations. The insurance of Mobile Offshore Units (units employed in the Offshore Oil- and Gas industry) is also briefly discussed. The course covers the international insurance markets, the players in these markets and the insurance terms in the most important markets. The systems and terms for capital insurance (Hull insurance), liability insurance (P & I insurance), Loss of Hire insurance and War risk insurance will be discussed.

It is a particular emphasis on practical case work based on significant student participation.

Course content

• Risks and market strategies.
• The markets for marine insurance and for r-insurance of marine risks.
• An overview of the participants in the marine insurance markets (insurance companies and mutual insurance clubs, insurance brokers, shipowners and charterers, shipping banks, classification societies.) and their roles and functions.
• The structure and organization of insurance companies, of mutual insurance clubs and of Lloyds of London.
• The Nordic and other markets' terms for Hull insurance, P & I insurance, Loss of Hire insurance and War Risk Insurance.
• ESG (Environment, Social and Governance) - implications for the marine insurance industry.
• Marine Insurance economics, including premium systems. The role of marine insurance in the shipping market.
• Claims handling.