TMT504 Principles of Insurance in Transport Industry

Transcription

1 DEPARTMENT OF TRANSPORT MANAGEMENT TECHNOLOGY TMT504 Principles of Insurance in Transport Industry COURSE PARTICULARS Course Code: TMT 504 Course Title: Principles of Insurance in Transport Industry No. of Units: 3 Course Duration: Two hours per week for 15 weeks. Status: Compulsory Course Address:tmt504@gmail.com Course Webpage: Prerequisite: NIL COURSE INSTRUCTORS Mr.Enyinda C.Albert Room 1,TMT STAFF OFFICE,SMAT,BUILDING (TMT DEPT.) Dept. of Transport Mgt.Technology Federal University of Technology, Akure, Nigeria. Phone: enyindaddy3@futa.edu.ng COURSE DESCRIPTION This course is very important to all students in five hundred level,becouse it covers vital areas in Transport as regards to Insurance-History of general aspect of Insurance,Formation of Transport Insurance Sea,Air,and Land policy and its content.premium,additional Premium,Insolvency of the insurer.insurer interest,hull interest,incidental interest,double insurance,assignment Proximate cost,marine perils,extraneous risk,perils not covered,attachment and Termination risk,time and Voyage insurance, Change of Voyage,Deviation,Excuse for deviation,excuse for deviation and delay,total and actual total loss,constructive loss,valued and Unvalued policies,reinsurance,general Average Adjustment. 1

2 COURSE OBJECTIVES The objectives of this course is to: introduce students to the basic elements of insurance,as regards to transport industry. it will also expose students to the importance of insurance in transportation it will also help,students to know the various policies in insurance. COURSE LEARNING OUTCOMES / COMPETENCIES Upon successful completion of this course, the student should be able to know: (Knowledge based) why,it is important for transport organisation to go for insurance policy. various principles in insurance when to lay a claims,incase there is a peril or marine adventure. Understand the difference between insurance and gambling Functions of insurance. GRADING SYSTEM FOR THE COURSE This course will be graded as follows: Class Attendance 5% Assignments 5% Test(s) 20% Final Examination 70% TOTAL 100% 2

3 GENERAL INSTRUCTIONS Attendance: It is expected that every student will be in class for lectures and also participate in all practical exercises. Attendance records will be kept and used to determine each person s qualification to sit for the final examination. In case of illness or other unavoidable cause of absence, the student must communicate as soon as possible to the instructor, indicating the reason for the absence. Academic Integrity: Violations of academic integrity, including dishonesty in assignments, examinations, or other academic performances are prohibited. You are not allowed to make copies of another person s work and submit it as your own; that is plagiarism. All cases of academic dishonesty will be reported to the University Management for appropriate sanctions in accordance with the guidelines for handling students misconduct as spelt out in the Students Handbook. Assignments and Group Work: Students are expected to submit assignments as scheduled. Failure to submit an assignment as at when due will earn you zero for that assignment. Only under extenuating circumstances, for which a student has notified the instructor in advance, will late submission of assignments be permitted. Code of Conduct in Lecture Rooms and Laboratories: Students should turn off their cell phones during lectures. Students are prohibited from engaging in other activities (such as texting, watching videos, etc.) during lectures. Food and drinks are not permitted in the class during lectures. READING LIST 1 Dr.I.Nwokoro (2003) Lecture note on Marine insurance. 1 Professor,Dr.Marko Pavliha(2004)Lecture note on Marine Insurance Law. Robert H.Brown(1998)Principles of Marine Insurance,vol.1 Other sources: Insurance browser: International Underwriter Assocation: International Union of Marine Insurance: Lloyd s of London: Loss Prevention: Marine Insurance: for Marine Insurance) 3

4 Legend 1- Available as Personal Collection 2- Available on the Internet. 3-. Available in local bookshops. 4

5 COURSE OUTLINE Week Topic Remarks 1 Introduction and Course Overview During this first class, the lecturer will introduce himself to the students and the students also will introduce themselves to the lecturer, they are expected to know the overview of 2 & 3 Definition and History of Insurance as regards to Transport Industry. Premium,Additional Premium,Returnable- Premium, 4 & 5 Insolvency of the insurer Insurer interest or Insurable interest Hull interest Incident interest Insurance in Transport industry. The student is expected to know,premium,additional premium and returnable premium as applied in insurance concerning transport industry.students are allowed to ask question on the topics during the lecture. The students will be taught on- what to know about an insurance companies,before they can advise a transport company to go for insurance or not. They will also know,for anybody to lay a claim on his goods,he must have interest on that goods.students are allowed to ask questions during the lecture. 6 Double Insurance Assignment proximate cost 7 & 8 Marine perils Extraneous risk Perils not covered 9 & 10 Time and Voyage Insurance Change of voyage Deviation Excuse for deviation and delay The students will be taught, if double insurance is allowed or not and when a person assigns his interest he assigns to the assignee all his right in that interest.students are allowed to ask questions. Students will be taught,what and what are refered to as marine perils,and perils not covered.students are allowed to ask questions. MID-SEMESTER TEST Students will be expected to know what time policy is,when their be change of voyage and excuse for deviation.as the lecture progresses the students are allowed to ask question releating to the topic. 5

6 11 & 12 Total and Actual Total Loss Constructive Loss Students will be taught,the implication of total and actual total loss when laying claims for a loss or a marine perils.students will be allowed to ask question 13 & 14 Valued and Unvalued Policies Reinsurance General Average adjustment The students are expected to know what policy is valued or not,can their be reinsurance and the duties insurance adjusters.students also will be allowed to ask questions base on the topic treated. 15 REVISION This is the week preceding the final examination. At this time, evaluation will be done to assess how far the students expectations for the course have been met. Qestions also will be welcomed from students. 6