Marine Insurance. Course Contents

Transcription

1 Marine Insurance Course Contents

2 Introduction The importance of the shipping industry to the global economy is rarely fully appreciated, particularly by those who often take for granted the availability of the goods that are transported by sea. Figures published by the International Chamber of shipping show that in 2008 the shipping industry transported 7,700 million tonnes of cargo. The nature of much of that cargo is such that it can only ever be transported efficiently and cost-effectively by sea. Notwithstanding technology advances, shipping continues to face many of the same threats such as extremes of weather and navigational hazards that were experienced by the very earliest maritime traders. It is a business beset by risk. Those who provide the essential global service can only do so with the benefit of insurance to protect against the ever-growing range of risks and liabilities that arise from seaborne trade. Without the protection that is provided by the various types of marine insurance this trade requires, the very existence of companies involved in this enterprise can easily be threatened. Again this background it is essential for all those involved in the shipping business to have an understanding of marine insurance and this program aims to facilitate that understanding.

3 Module 1 - The International Marine Insurance Market Introduction The credit System The International Marine Insurance Market The London Insurance and Reinsurance Markets The ISM Code The ISPS Code The Marine Insurance Broker London Market Associations Module 2 - The Marine Insurance Act, 1906 The Marine Insurance Act, 1906 Effecting marine Insurance The Original Slip Broker s Cover Note Policy Signing Policy Signing and Sealing Insurance Certificates Premiums Brokerage Deferred Premiums Additional Premiums Held Covered Return Premiums The Principle of Insurance Interest (MIA 1906, Sections 4-15) Cargo Interest Hull Interests Incidental Interests PPI Polices Assignment (MIA 1906 Sections 50-51) Contracts of Sale Free On Board (Fob) Cost and Freight (Cfr) Cost, Insurance and Freight (CIF) Module 3 - The Principles involved in Marine Insurance The Principle of Utmost Good Faith (MIA 1906, Sections 17-20) Warranties (MIA 1906 Sections 33-41) Time and Voyage Insurance Proximate Cause (MIA 1906 Section 55, sub 1) Extraneous Risks Statutory Exclusions Perils not Covered

4 Module 4 - Particular Average Particular Average Total loss (MIA 1906 Sections 56-58) The Marine Insurance Policy Forms of Policy Insured Values The SG Policy Franchise Excesses and Deductibles Module 5 - The Measure of Indemnity Measure of Indemnity (MIA 1906 Sections 67-78) Sue and labour Charges (MIA 1906 Section 78) Particular charges (MIA 1906 Section 64, sub 2) Salvage and Salvage Charges (MIA 1906 Section 65) Service in the Nature of Salvage Subrogation (MIA 1906 Section 79) Module 6 - Third Party Liability and Principles of General Average Third party Liability Collision Liability Limitation of Liability Both to Blame Clause General Average Module 7 - General Average Financial Elements Contributing Interests Contributory Values (York-Antwerp Rules 1q994, Rule XVII) Amount made Good Procedure at Port of Discharge The General Average Adjustment Application to Insurance Module 8 - Facultative Cargo Insurance Facultative Cargo insurance Long term Cargo Contracts The Floating Policy (NIA 1906 Section 29) The Open Cover Institute Classification Clause 1/12001 Certificate of Insurance Block Policies Fleet Policies

5 Module 9 - Cargo Clauses New Institute Cargo Clauses (1.1.82) Institute Cargo Clauses (A), (B) and (C) Institute War Clauses (Cargo) Institute Strikes Clauses (Cargo) Module 10 - Time Clauses Introduction Part One-Principle Insuring Conditions Part Two-Additional Clauses Part Three-Claim Provisions International Hull Clauses Disbursements and Increases Value Clauses (1/11/03) War and Strikes Risks Clauses - Hulls