Institute of Commercial Management | Qualification Subject

Marine Insurance

Main Topics of Study

History of Marine Insurance

  • Bottomry and respondentia
  • Origins of marine insurance in the UK
  • Early marine insurance in other countries
  • The phraseology of early policies
  • Lloyd’s form of policy
  • Formats used by other companies
  • Legislation relating to marine insurance
  • Developments since the Second World War

The Principles of Marine Insurance

  • Differences between faith and utmost good faith
  • What do we mean by ‘risk’?
  • The function of marine insurance
  • Rules of construction
  • Utmost good faith
  • Insurance intermediaries

The UK and International Marine Insurance

  • Lloyd’s insurers
  • Insurance brokers
  • The London market
  • Placing risk

Hull Insurance

  • Types of hull policy
  • Hull underwriting
  • Analysis of the Institute Time Clauses (Hulls) 1995
  • Institute Voyage Clauses

Cargo Insurance

  • What are Incoterms?
  • What may be insured as cargo?
  • Exclusions
  • Institute Trade Clauses
  • Institute Cargo Clauses: A, B and C

Protection and Indemnity (P&I) Clubs

  • Mutual insurance associations
  • The history of the clubs
  • The constitution of a club
  • Management of clubs
  • Termination of cover
  • Coverage granted by clubs
  • The International Group of P&I Clubs

Salvage and General Average

  • Salvage
  • General average
  • The York–Antwerp Rules 1994

Claims

  • Proximate cause
  • Included and excluded losses
  • Additional Perils Clauses
  • Fraudulent claims
  • Under-insurance
  • Cross-liabilities
  • Limitation of liability

Pollution

  • What is a convention?
  • TOVALOP
  • CRISTAL
  • International Tanker Owners Pollution Federation (ITOPF)
  • Pollution liability and legislation
  • Dumping at sea
  • Controlling and preventing pollution

War and Strikes Risk

  • The Waterborne Agreement
  • War exclusions
  • War risk insurance
  • Institute Strikes Clauses (Cargo)

Reinsurance

  • Privity of contract
  • Types of reinsurance
  • Methods of transacting reinsurance
  • An insurer’s retention
  • Solvency margins
  • War risks and reinsurance
  • Other forms of reinsurance

Recommended Reading

Main Text:

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Reeds Marine Insurance, B. Jervis (MacMillan)

Indicative Text:

Alternative Text and Further Reading:

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Marine Insurance Vol 1 Principles and Basic Practice R.H.Brown ( Witherby )