Marine Insurance

AIM

  1. Understand the purpose of marine insurance, its principles and practice.
  2. Are able to communicate intelligently with professional practitioners in the marine insurance market.

THE MARINE INSURANCE MARKET

  • Lloyd’s; insurance companies – UK and overseas; Lloyd’s insurance brokers;
  • Protection and Indemnity associations; market associations.

THE PRINCIPLES OF MARINE INSURANCE

  • The Marine Insurance Act, 1906 – insurable interest; utmost good faith; indemnity; subrogation.
  • Warranties; Proximate Cause; Statutory Exclusions; Excluded Perils.

THE PRACTICE OF MARINE INSURANCE

  • Effecting marine insurance; premiums; brokerage.
  • Time and voyage policies; open covers.
  • Policy terms and conditions – Institute clauses; hulls & freight (time & voyage), cargo, war and strikes.

CLAIMS

  • Total loss-actual and constructive; particular average; deductibles, franchises and excesses
  • Sue and labour charges; salvage and salvage charges.
  • Third party liability; collision liability, limitation of liability.
  • Professional indemnity; pollution.

GENERAL AVERAGE

  • General average; York-Antwerp rules; application to marine insurance.