A Group Two Subject/Course : NB This syllabus is based on International Conventions and English Law, except where otherwise stated.
- Understand the purpose of marine insurance, its principles and practice.
- 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.
- 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; York-Antwerp rules; application to marine insurance.