MARINE INSURANCE

AIM

To ensure that members:

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.

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

The Marine Insurance Act, 1906 – insurable interest; utmost good faith; indemnity; subrogation.

Warranties; Proximate Cause; Statutory Exclusions; Excluded Perils.

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; York-Antwerp rules; application to marine insurance.