The aim of this course is to bring to the student the general principles of Marine Insurance beginning with the placing of the risk in the market through to the processing of a claim on a hull or cargo policy.
Course content (12 Lessons)
- Introduction — Marine Insurance and Trade — the UK Insurance market
- Effecting Marine Insurance — Placing the risk — the UK Marine Insurance Act 1906 — The Policy — Underwriting Considerations — Evaluating the risk
- The Principle of Insurable Interest — Hull & Cargo interests — Contracts of Sale — Assignment — PPI Policies — Double Insurance
- Utmost Good Faith — Disclosure — Warranties — Attachment and Termination of cover
- Types of Loss — Partial and Total Loss — Constructive Total Loss — Proximate Cause — Statutory Exclusions — Perils not covered by the Policy
- Measure of Indemnity — Valued and Unvalued Policies — Salvage — Franchises, Excesses and Deductibles
- Charges and Subrogation — Sue and Labour — Salvage — Collision Liabilities — Both to Blame Collision Clause
- General Average — York-Antwerp Rules — The 'Jason' Clause — Contributing Interests
- Methods of Cargo Insurance — Facultative and Open Covers — Insurance Certificates
- Institute Clauses — Marine Cargo Policy conditions — Cargo Clauses — War Clauses
- Hull Policy Clauses — Institute Time Clauses (Hull) — Total Loss Only — Institute Time Clauses (Freight) — Institute Warranties — War and Strike Clauses
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